EFC and scholarships.

<p>Thanks for any help with understanding this process. </p>

<p>My daughter will be attending state university full time in the fall, living in the dorms. </p>

<p>The COA is $18,960 / yr, broken down into:
Tuition and fees $7,536
Housing and meals $7,724
Books and supplies $1,000
Transportation $1,200
Other education costs $1,500 </p>

<p>Her current total grants and scholarships amount to $15073 for the year, broken down into:
Grants from the school: $550
Federal Pell Grant: $4,195
Grants from your state: $1,900
Other scholarships you can use: $8,428 (this includes the college awarded scholarship which is 4-year renewable and state-funded scholarship money she has been earning throughout high school, which should also be 4-year renewable). This amount may be off by about $100 or so, as the state scholarship is estimated. </p>

<p>Our net costs are $3887/year. </p>

<p>Our EFC is $1457. </p>

<p>She has been offered work study of $2430.</p>

<p>This leaves the net cost of $1457 (our EFC). </p>

<p>We just had senior awards night and she was awarded 3 different one-time scholarships of $1000 each. All three scholarships will be awarded at $500 per semester. </p>

<p>Here's my question: Since our net cost is $1457 with work study and she's getting $3000 more in scholarships, what will be reduced? I'm just trying to figure out if we will always have the $1457 to pay or will the extra scholarships cover it all and our net cost be zero at some point? </p>

<p>I also know that her housing and dining plans will be less than the amount listed. Plus what about the Transportation and Other Education Costs? Will she be eligible for any type of refund? </p>

<p>Hoping the experts can help me out. Thanks a bunch!!! We are hoping, hoping, hoping that she can get her undergrad degree without any loans, since her major requires a master's degree (Occupational therapy) and she will definitely have loans for that.</p>

<p>First look up the school’s policy on outside scholarships (they should be listed int he financial aid section). IS the 8424 guaranteed over the course of 4 years? are there gpa requirements attached to the scholarship?</p>

<p>Break out the financial aid package to ensure that the direct cost (tuition room board fees (health insurance if necessary) are covered.</p>

<p>She can apply the monies to her work study. Some schools will allow her a one time computer purchase (if the school allows this than you should do this). after the computer and work study are done, they would reduce any loans in the financial aid package. You should also ask if the scholarship grantors if they can be spread out over time; taking one scholarship year 1, one scholarship year 2 and one scholarship year 3.</p>

<p>you can expect costs to rise about 4-5% each year.</p>

<p>*Books and supplies $1,000
Transportation $1,200
Other education costs $1,500 *</p>

<p>Keep in mind that the above amounts are not paid to the school and the total exceeds your EFC. So, if you’re economical with these expenses (buy used books, keep travel costs down, etc) then these costs will be lower. </p>

<p>If your D gets $3k more in scholarships then your EFC will likely be reduced. She may also lose her subsidized loans, but can get some unsub instead if still needed up to uncovered COA.</p>

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<p>This is not a given. In most cases OP would have to have scholarships that cover all of financial need covered before the actual EFC is reduced. The institutional aid would be reduced before the EFC is reduced. This is why OP needs to check the school policy.</p>

<p>True. I didn’t see the school grant. That might get reduced. The Pell grant won’t get reduced. I don’t think the state grant will get reduced if it’s strictly based on income or EFC.</p>

<p>According to their website regarding outside scholarships: “If your total financial aid package exceeds the cost of attendance, the University reserves the right to adjust/reduce the amount of your aid or your scholarship accordingly.” This makes me wonder if she can get aid (scholarships and grants) to total their COA, without them deducting my EFC. </p>

<p>The $8428 in scholarships is guaranteed per year for 4 years as long as 3.0 and full-time status is maintained.</p>

<p>Pell is an entitlement, it can’t be reduced no matter what.</p>

<p>It sounds like the scholarships are assured for stats.</p>

<p>Do you know if the state aid is assured based on income?</p>

<p>Call the school,and ask them.</p>