<p>I completed my FAFSA this morning and it said my EFC was 0...............I'm trying to figure out just what that means. It also said that I could be eligible to receive a pell grant of $5500. I am planning to attend a community college and I have calculated that my tuition will be less than $7000. So basically I'm trying to figure out what my out of pocket expenses will be approximately. Can anyone explain this whole EFC thing to me?</p>
<p>It means you are eligible for a Pell Grant and a subsidized Stafford loan. That’s pretty much all the EFC tells you. It sounds like between the two you can afford school. Your college should have a cost of attendance that outlines the general costs for tuition, books, etc.</p>
<p>Will you live at home with your family or in an apartment/house/dorm near the school?</p>
<p>Your college’s website should have a “COA” (Cost of Attendance) area in the Financial Aid section – if not, call the financial aid office and ask them what the COA is for a student living __________ (either with parents or off-campus – the numbers will be different)</p>
<p>Your costs will be approximately the COA -5500 in Pell Grants -any other grants the college might give you. Whatever is left is what you’ll have to pay, either from savings, a job, or borrowing. You will also be eligible for Stafford student loans – but if you can avoid borrowing, so much the better. </p>
<p>Have you submitted your community college’s code to the FAFSA website so that they get a copy of the report? They will then prepare a student aid package for you showing exactly what is on offer. (The Pell grant is a sum you are entitled to at any college or university as long as the COA is large enough.)</p>