<p>So, my EFC # is 02836</p>
<p>What i'm getting, is that ^ number is how much my family will contribute.....is it?
So, my family must contribute $2,836? and they'll pay the rest?</p>
<p>Nope. It is just a federal index.</p>
<p>The page should have also told you what your possible pell grant and loan amounts would be. Those values are based on that index.</p>
<p>Some schools (very few) might give you grants to ensure that you will only pay that amount, but they are few and far between.</p>
<p>EFC is a commonly misunderstood term. EFC is the total amount of money your family is expected to pay for one year in college. This is no way means that the college you want to go to will fill that need. Most likely you will need to fill this need with more loans than grants.</p>
<p>okay, So…if that is not the amount of money that my family has to contribute, where can I find it? Do they even tell us? I thought that’s what SAR was all about?</p>
<p>My Pell Grant is $2,580…and my CalGrant is $4,880? Are they automatically sent to my school?</p>
<p>No, that EFC is the amount you and your family are expected to pay. Yes, the school will receive the information about those grants.</p>
<p>but susgeek says: "Nope. It is just a federal index.</p>
<p>The page should have also told you what your possible pell grant and loan amounts would be. Those values are based on that index."</p>
<p>I’m confused?!?!? So is it? or it not the amount my parents have to pay?</p>
<p>Will I ever know how much we’re going to pay?</p>
<p>Hahahaha, sorry. I’m kinda slow…</p>
<p>To find out how much you will pay go to the schools website and see how much tuition and fees are (plus room & board if you want to dorm). Subtract from that total your pell grant & loan and that will give you a good idea of how much the school will expect you to pay. Although it is possible to get merit scholarships and grants to help with the cost depending on your stats and the school.</p>
<p>After you submit the FAFSA you will get an award package and that will be the rundown of what you and your family have to pay. Solely based on your FAFSA however, your family can afford that 2836 so the colleges you apply to will ATTEMPT to give you the difference between that and tuition.</p>
<p>Okay, I think I have a pretty good idea now…i think! (:</p>
<p>THANK YOU!</p>
<p>It depends on each school and their aid policies. Some (not many) schools promise to meet full need without loans. Some promise to meet full need but include loans - sometimes a lot of loans. Some schools do not promise to meet full need at all.</p>
<p>No problem, after you receive the awards, if you are still confused you can contact your college and I’m sure they will be happy to help you.</p>
<p>It really depends. Many kids are “gapped”. For example, you could have a zero EFC - and you’re thinking great - we don’t have to pay anything. Not so fast. You would get a Pell Grant and a Stafford loan and maybe some other Federal/state monies - that might add up to around $12,000 - $14,000. But what if the college costs $25,000? Or $30,000? What happens then?</p>
<p>The college may fill in the gap with some grant money - which would be great. Or they might offer you and your parents additional loans - not so great.</p>
<p>Until you get the award letter from the college - you really have little to no idea of what you will actually have to pay to attend that particular school.</p>
<p>I always think of the EFC as a theoretical amount your family is expected to pay. In reality the number is likely to be higher. Like in a perfect world you would get grants that would pay for everything but your EFC. In real life it usually doesn’t work that way. The only way to get your real life EFC is to get your FA package from the school.</p>
<p>Basically, your EFC qualifies you for Pell grant (and in your case, Calgrant). Other than that, the only money you are guaranteed to receive is $5500 in Stafford loans.</p>
<p>Schools have a unique Cost of Attendance (COA). The COA-EFC=Need. Schools can award you aid up to the amount of Need. That does not mean that they will award you that much - some do, some do not. You will get the Pell grant, the Calgrant, and the loans. You will need to find out what the schools will offer in addition, if anything. Once you get your aid offers, you will be able to figure out if your family can afford the school. Add up tuition, room, board, and fees. This is your true cost. Add up your grants and scholarships & this is your free money. The true cost less the free money is what you will need to come up with. You can borrow to meet the costs, but remember that student borrowing is limited ($5500 guaranteed Stafford freshman year).</p>
<p>Think of the EFC as the MINIMUM amount you will need to pay. And yes, in many cases, your share will exceed the EFC.</p>