<p>Well, my parents and I just finished the FAFSA today, and it said that our EFC = 0.</p>
<p>I realize that every college is different, but what would be the general trend on what I should expect from schools? I've applied to both my in-state public flagships (UF and FSU) and several selective/highly-selective privates that are need-blind and meet 100% demonstrated need. Am I going to get mostly loans or will most of my aid come from grants?</p>
<p>Thanks for your help!</p>
<p>It is impossible to answer your question as it really depends on so many variables - what your school costs, what sort of aid your school offers, whether they promise to meet full need, whether you may qualify for some merit aid. If they offer only federal aid then it is likely they will not be able to meet your full need without considerable loans. Federal aid is not enough to cover the cost of most 4 year public schools. If they have their own aid to offer you may fare better.</p>
<p>Federal Student aid consists mainly of:
Grants (do not have to be repaid)
Pell:The maximum for 2008-2009 was $4731 (supposed to increase in 2009-2010). Is EFC based. For 2008-2009 it required an EFC between 0-4041. 0 EFC got the maximum grant then the amount of grant goes down as the EFC goes up, phasing out at 4042.
SEOG: Usually awarded to the neediest students. Schools set their own criteria. (unlike the Pell where if you qualify by EFC you get it). At my daughter's school it requires a 0 EFC and early FAFSA submission. The maximum varies by school. (schools are given a limited amount of SEOG dollars to award so decide how to best allocate the money. Some students meeting the school's criteria may not get it if funds are depleted). The max by federal rules is $4,000 but schools set their own max depending on how many students they may need to award it to. The max at my daughter's school is $2,000.
ACG:Freshmen/Sophomores only. $750 freshman/$1300 Sophomore. Requires Pell eligibility and certain academic requirements - rigorous HS curriculum, certain HS GPA. Cannot have graduated HS before (I think) 2005.
SMART:3rd and 4th year students only. maximum = $4,000. Requires pell eligibility, certain majors, and a mimimum GPA.
TEACH:For teachers training to teach in certain needed subjects and requires a time commitment teaching in needy districts. If the time commitment is not met the grant reverts to an unsubsidized loan with interest dating back to the disbursment of the loan (ugh). I think there is a GPA requirement.</p>
<p>LOANS
PERKINS:Subsidized loan. Neediest students. $4,000 maximum. Limited funding. 5% interest rate. Govt pays the interest until after graduation or dropping below half time plus for a 9 month grace period. Some posters reported their schools not getting much Perkins funding this year.
STAFFORD:Combination of subsidized and/or unsubsidized. For a freshman the maximum is $5,500 of which a maximum may be subsidized if there is 'need'. Subsidized 6% this year, dropping each year for the next several years, 6 month grace period. Unsubsidized 6.8%. Interest starts from day 1 but repayment of interest and principal may be deferred until after graduation - interest is capitalized.</p>
<p>WORK STUDY You get a job on campus (or certain off campus community jobs - my daughter works in a Govt lab) and are paid an hourly salary. The benefit of a WS job is that the earnings are not held against you by FAFSA the next year.</p>
<p>There are also parent loans (Plus loans). Some States have grant programs - usually for students staying in state. Schools that promise to meet full need may have their own grant money.</p>
<p>Finaid.org is an excellent source of information on the various federal aid programs.</p>
<p>Above are 2008-2009 figures. They may change for 2009-2010.</p>
<p>The selective schools that promise full need and no loans mostly require CSS as well as FAFSA. CSS includes additional information which may make your EFC for institutional aid higher or lower.</p>
<p>Thanks for the information swimcatsmom! I read most of that on the finaid website but didn't know that on some of the grants the school has the discretion to set the max amount.</p>
<p>It is my understanding that all outside scholarship and merit-based scholarships are taken in consideration before need-based finaid is determined. For some of the schools I am applying to, I am in the running for institutional merit-based aid as well. If I do receive the merit-based aid, would the college more likely give me loans instead of grants to make-up the rest of the cost, or will they first give me grants and then offer loans as the last resort?</p>
<p>Can't answer for all schools. My daughter is at a State U and has merit for about half the cost. Her EFC is also a 0. Her school gives her all the grants she qualifies for (Pell, SEOG, ACG, and a state grant) then WS, then loans.</p>
<p>I've seen the finan. aid packages of a young woman, deceased father, mom had a major addiction problem, living on Social Security for years, EFC of Zero--and still, her finan. aid had gaps of $8,000 at a state school, to $15,000 at a more expensive private school. It can just TOTALLY vary--and the best thing to do, is to fill out the forms, be prepared to verify whatever they ask, KEEP being a solid student academically, and see what you are provided. Maybe do some basic loan calculations, to see how much you think you might be able to handle upon graduation. Being a good student and getting better financial aid for a higher GPA in HS or college, is really one of the most effective strategies. And good for the remainder of your academic career. (She got a $12,000 per year scholarship at the more expensive school, so takes out $3,000 per year as a loan, so far).</p>
<p>Your best deal will be at a highly selective school with a no loan policy--several ivies and top LACs. Every state school I know of has packages that include loans and most don't meet need. Merit aid can make the packages better at stats schools but usually have strings attached.</p>
<p>Actually, UMichigan and Michigan State have awesome deals for 0 EFC in state students. Maybe your state has great aid for 0 EFC, as well. Please check the websites.</p>