<p>When you apply for financial aid and say your EFC is $6500,does that include room and board??? Or would you be responsible for the average$8500 Room and board plus your EFC?? We have revieved packages all over the charts. One just having us pay room and board all the way up to $20,000. Most of the schools we have applied to meets aprox 93% of aid.</p>
<p>EFC is your family's contribution to your college expenses - tuition,room & board and personal expenses and books.</p>
<p>Thanks I thought so. I don't understand why my EFC is soo far off from school to school. I know that the schools we applied to are not meeting 100% need but are close around 93%. So if our EFC is $6300 and the schools are around 40K a year including room and board shouldn't my financial aid package look like this??</p>
<p>40,000 * .93= 37,200 which would leave $2800
Plus we would have to come up with $6300 as our EFC states so we should have the rest $9100 that the parent would be resposible for???
then the rest($30900 could be taken care of by)
Perkins loan 2000
FEd Sub loan 2625
Work study 1800-2250(depending on school)
Remainder in grants and merit aid???
Or am I way off???</p>
<p>It would be more like 40,000 - 6300 = 33,700 * .93 = 31,341 that the school might cover.</p>
<p>In general formula terms: CoA - EFC = Need * Percentage of Need Met = Aid From College</p>
<p>CoA = Cost of Attendance
EFC = Estimated Family Contribution (from you and your family, on your own resources)
Need = How much money the school determines is left of the Cost of Attendance to determine their package for
Percentage of Need Met = How much the school covers of your demonstrated need; when less than 100%, it results in a "gap" that you are ALSO responsible for, even if the EFC didn't say you could afford it.</p>
<p>When you then subtract the Perkins loan (29,341 remains), the FSL (26,716), the work study (between 24,916 and 24,466), you have a lot left to cover with grants and merit aid. But if the school's policy does indeed cover 93% of need, it would have to come from somewhere, wouldn't it?</p>
<p>Remember too that the EFC from FAFSA is different than the EFC that's generated by Profile, and which is used by most private schools.</p>
<p>Not exactly most private schools. Only about 350 private schools. Still significant.</p>
<p>Ok I figured it out and the school is $39220 a year with that formula ( school covering 93% ) and the FAFSA EFC $6395 our family contribution should be $8693 .The gap of $30527 sould contain federal loan-perkins loan work study and the rest covered by the school in Grant-merit aid. This school is saying our family contribution should be $14533, which we cannot afford. My son really wants to go there. We had an offer from a simular school in the same state-same ranking ect... And they had us paying $8350 a year. Their tuition is $1000 less a year and they only meet 92% of your need. I did call them and they told me to send the other schools info and their financial aid committe would review it. What do you think our chances are??? They don't meet for 9 more business days!! UGH!!! the waiting is killing me!!! I had enough waiting to last me a life time!! :)</p>