EFC/Aid package question

Paying for College
1

<p>I was wondering what the difference is between EFC and the "eligibility for additional borrowing" and whether or not the two are connected.</p>

<p>My EFC is 1050. Yet I am eligible to borrow $9,482 because that is how much money short I am in terms of paying for my upcoming year of tuition. Should this $9,482 eligibility for additional borrowing be actually lowered down to $1050? If I appeal my package will the institution give me more money by way of grants or should I accept this number and start looking for private loans to come up with the $9,482?</p>

<p>I'm a total newbie to financial aid so any and all help is tremendously appreciated! Thanks!</p>

2

<p>The EFC from FAFSA is what the Federal government says you can pay for college. And it determines your eligibility for Federal loans (Stafford, Perkins, etc.) It does not constrain the college or determine how much money the college will give you or in what form. This is particularly true if the school also uses the Profile, and has its own "institutional methodology" for determining your need. Keep in mind as well that most colleges, except for the very top tier, do not meet 100% of each student's need.</p>

<p>That being said, there is no downside to trying to get your school to give you more grants money!</p>