When I first filled out the FAFSA info, I put down $0 income for the year of 2013.
I was then emailed this award package
Total Grants and Scholarships $ 4,378.00
Federal Pell Grant $2,865.00
Grants from your state $1,513.00
My Expected Family Contribution was $0.00
When I went back in & put down my income for 2013, I was emailed this
Federal Pell Grant Spring: $1,590.00
Estimated Tap Spring: $1,513.00
And my EFC Jumped to $1,420.00
Any reason why my EFC would jump to that if I had zero income for 2014? Or is it all based on your last tax return regardless of how many years that goes back?
This is difficult to answer because noy all information was given. I will try.
Are you a dependent student or an independent student? I don’t know if the income used is yours only or your parents and yours.
But to answer your first question, the Tap and Pell can cover any part of the COA. Usually the school will apply it to tuition and fees first, then if any is left, it is ‘refunded’ to you to use for books etc.
Income for 2013 is used for aid for fall 2014/spring 2015
Income for 2014 is used for aid for fall 2015/spring 2016
So you should fill out the 2014/15 fafsa with your 2013 income. And don’t correct it, fill out the 2015/16 fafsa with your 2014 income. In your posts you only refer to 2013 income until the last couple lines, so your meaning isn’t clear.
Usually 0 EFC should get the full Pell amount of 5,730 split between 2 semesters.
So to be clear, my income from 2013 is used to determine my aid for Fall 2014/Spring 2015 & my income for 2014 is used to determine my aid for Fall 2015/Spring 2016?
I forgot to add that this looks like per semester costs and aid. First, it says ‘term total’ and the Pell is marked Spring. Did you incorrectly revise you income so this lower Pell amount? Otherwise you should get the original amount which is one semester worth of the full pell available for 0 efc students.
Re loans, it depends on your situation. Are you a first time freshman? Planning a 4year degree program? Your package implies living with parents, but how can you then be independent? How are you able to pay for your expenses if you don’t borrow? But usually you want to borrow as little as possible, but there are exceptions.
OK, I see that Pell is the right one, you are saying.
The deal is that loans have to be paid back. So you will be sorry later to have to do so, that is guaranteed. So if you need some for your books and school related, take some from the subsidized portion. What do you think you need? Just take enough. And be aware that money earned from work/study doesn’t count against your EFC. I see your award didn’t give you any though. Earnings and savings will count against your efc.