Hi everyone! I’m a high school senior and I just filled out my FAFSA. Can anyone help me with these numbers??
I have a Pell Grant estimate of $1,045
And an EFC number of 005022.
Does anyone know if this is a good EFC number?? I’m hoping that estimate is correct.
It’s good in that it made you eligible for a Pell grant of $1,045. It also probably qualifies you for the maximum amount of subsidized federal direct loans. Other than that, in and of itself, the FAFSA EFC doesn’t mean much. Your eligibility for other need-based aid and merit aid depends on a wide range of factors, including the schools you are applying to, your academic achievement, your standardized test scores, and a detailed analysis of your family’s financial situation.
Well…it means you will get a $1045 Pell Grant, and a $5500 Direct Loan.
Your $5022 EFC means that your family will be expected to pay AT LEAST $5022 for your college costs…unless your school costs less than your Pell Grant amount (and then your Pell would cover the costs).
Will you receive additional aid? Maybe, maybe not.
The vast majority of colleges do NOT meet full need for all accepted students.
Some schools might give you additional Grant aid, and some just might not.
We also don’t know if your state has any Grant aid for low income students.
Your best guide is to run the Net Price Calculator on each school’s web site in which you are interested. The NPCs should take into account how they treat financial and merit aid vs how much your family will have to pay.