<p>So, if a university gives me a scholarship for say 8k, and my EFC is like 11k, would that 8k come off of my EFC so we only have to pay 3k out of pocket? otherwise, what is the point of a scholarship if we would have just gotten that money in grants from the university and the federal government anyway? im just kind of confused on how much I will end up having to pay</p>
<p>Scholarships do not generally reduce your EFC, they reduce your need. So if you have $10,000 in need then the scholarship will usually reduce that need to $2,000. Generally only if you are not receiving need based aid will your EFC be reduced by a scholarship. Federal rules are that EFC + need based aid + scholarships cannot exceed the school COA.</p>
<p>Unless you are at a school with their own money for financial aid you will probably not receive need based grants with an EFC of 11,000 anyway. Most federal grants require a very low EFC (below 4042 for the Pell in 2007-2008). So aid would be mostly in the form of student loans. A scholarship is much better than a loan.</p>
<p>umm well the school i want to go does have their own money for financial aid so im will be getting grants in all likelihood, but thanks so much for your help i understand now:)</p>