<p>Hi everyone. My question is basically about the EFC. Will I be able to pay for the EFC (both students and parents) through local scholarships? Or do those scholarship affect my overall financial aid package and hence, the EFC all over again? Thanks :)</p>
<p>Bump</p>
<p>For example:</p>
<p>If your EFC is $20k and your school COA is $45k and you were to get $25k in “need based aid,” then if you were to get $20k in scholarships, your school will likely take back $20k of their need based aid.</p>
<p>BUT…if the school had given you $25k in merit scholarships and allows stacking, then you could add the $20k in merit on top. </p>
<p>What about outside scholarships? I can’t pay my EFC with those? My school does not give any merit scholarship.</p>
<p>If you receive outside merit, then the school is going to say that you have less need, and will adjust their aid pkg. </p>
<p>What does your aid pkg look like NOW?</p>
<p>Schools normally spell out their policy on outside scholarships on their website, so that is the best place to go for a preliminary answer. You don’t mention if you are referring to a specific school, but since you applied to Wesleyan ED, as an example, here is their policy:</p>
<p>“The University acknowledges the achievement of winners of merit-based outside scholarships by reducing self-help (loans or employment) dollar for dollar. Usually loans are decreased first, but at the student’s request, Federal Work-Study may be reduced first. Merit based scholarships in excess of self-help will reduce Wesleyan gift-aid.”</p>
<p>So, your loan and work study, if any can be reduced, but the EFC remains the same. This is common at most schools, but some schools aren’t even that generous! Others may allow a reduction of your summer earnings expectation or allow a one time purchase of a computer, but few budge on the EFC.</p>
<p>Can you tell us what is going on?</p>
<p>It sounds like you have an unaffordable EFC and you were hoping that you could “pay it” with outside scholarship money. As you can see, it doesn’t work that way.</p>
<p>thank you @mom2collegekids for the explanation. So my Estimated Financial Aid Award looks like this:</p>
<p>Total Cost: $65,163</p>
<p>Total Need: $61,702
-Wesleyan Scholarship: $52,372
-Jose Gomez-Ibanez Scholarship: $1,500
-Wesleyan Matriculation Grant: $300
-Federal Pell Grant: $4,780
-Work Study: $2,750</p>
<p>Expected Family Contribution:$3,475
-Parent Contribution: $986
-Student Contribution: $2,475</p>
<p>And I just want to know methods in paying that EFC. I thought I could do it through local scholarships. For example, they offer this one scholarship based on community serves that offers $3,000 per year. Would I have to count that towards by Financial Aid Package? Or can I put that towards my savings account and pay for my STUDENT contribution. I am not much worried about that parent contribution, it is the student one that worries me. I do not have much money in the bank, but I know that this scholarship would help me if I was to receive it. </p>
<p>Or does the EFC have to, no matter what, be paid by a monthly payment? </p>
<p>And yes @Proudmomx3, this is specifically for Wesleyan University.</p>
<p>Can you get a job during the summer and save the $3500? If you can’t save all of it, the federal student loans should cover the balance. It looks like you should be able to graduate with very little debt.</p>
<p>^^If facts are similar for all four years.</p>
<p>Are there any siblings in college now?</p>
<p>From what Wesleyan says, you would have your work study award reduced first by any outside scholarships. Then anything in excess of that would start to reduce your Wesleyan scholarships. Without work study hours, you likely can find a non work study job and use that to pay some of your student contribution. Also, you can take out some Direct Loans to cover some of that. </p>
<p><<<
Expected Family Contribution:$3,475
-Parent Contribution: $986
-Student Contribution: $2,475
<<<</p>
<p>Some of this may not get paid to the school AT ALL. Some of it may be part of the travel, books and personal expenses.</p>
<p>What is the cost breakdown of the school?</p>
<p>You can work/save over summer to cover your EFC. If needed, you can take out a student loan. </p>
<p>Scholarships will remove W/S, but I think W/S is very worthwhile. It’s harder to get a nonW/S job, especially if you would need a car. W/S jobs are very school-friendly.</p>
<p>I do want to be a part of the work study program. @mom2collegekids </p>
<p>I do plan on having a full time job during the summer, but i am not sure if I will have $3,500 saved by then. Most likely in the $2,000 range. @austinmshauri </p>
<p>My brother attends Chico State University. He is currently in his first year. @Madison85 </p>
<p>Ok, so when he graduates/leaves school, the amount your parents are expected to pay will likely increase unless you have a younger sibling entering college.</p>
<p>@mom2collegekids The breakdown cost for my school like this.</p>
<p>Tuition & Fees<em>: $48,272
Resident Comp Fee</em>: $13,226
Books & Supplies: $2,665
Travel: $1,000
Miscellaneous: $0
Non Resident Study: $0
Health Insurance: $0</p>
<p>TOTAL: $65,163</p>
<p>You can get a $5500 Direct Loan.</p>