<p>What does an EFC of 00473 on the FAFSA mean?
Is it a code for some other value or does it mean my expected family contribution is $473?</p>
<p>All help is much appreciated!</p>
<p>It means that by FAFSA’s calculation your family can afford to pay $473 per year for your college costs. It does not mean, however, that anyone or any college is obliged to make up the difference. So in practical reality what it means is that you’ll likely get a Pell Grant of around $5000 – the amount is not yet fully determined because of possible changes for next year. You’ll probably get a subsidized gov’t loan for $5500. You may get some work study from your college.</p>
<p>So between grants and loans you’ll have about $10000 from the government. However much you need after your $473 EFC and that $10,000 can be unpredictable – if you can get it, where it might come from.</p>
<p>If you’re going to a commutable in-state college and can live at home, the federal aid may be enough.</p>
<p>How much can I expect to receive in my finalized financial package?</p>
<p>Here is some additional information:
I was accepted to U. of Pennsylvania and I am out of state (roughly 55k/year).
My family makes about 40k a year maybe a little less.
The initial estimation package that Penn offered me covered about 40k and my family is expected to pay the remainder of ~15k</p>
<p>Will I receive more in the final FA package because of my FAFSA EFC?</p>
<p>
</p>
<p>EDIT: According to other posts, this OP got accepted ED to UPenn in December…that being the case, he/she should have already RECEIVED their estimated financial aid package from UPenn and it would have been based on a priority filing of the Profile done in the late fall. The OP should have already gotten a financial aid package which should have been used to help him/her make their decision on whether to accept or NOT accept the ED offer of admission. This would have been due weeks ago.</p>
<p>OP…could you please clarify?</p>
<p>University of Pennsylvania is a private university. Your out of state status has no bearing on the costs. EVERYONE pays the same costs at UPenn.</p>
<p>Second edit too late…the OP wants to know if the FAFSA will yield additional aid. OP…what aid did you get from UPenn? You would be eligible for a portion of the Pell Grant (about $4500 of it) but that might already have been included in your financial aid package from UPenn…don’t know! You are also eligible for a Stafford loan of $5500.</p>
<p>*My family makes about 40k a year maybe a little less.
The initial estimation package that Penn offered me covered about 40k and my family is expected to pay the remainder of ~15k</p>
<p>*</p>
<p>If your FA package included a Pell Grant estimate, then you won’t be getting any more money after submitting FAFSA. </p>
<p>If UPenn has estimated that your low-income family pay $15k per year, then that means that your family has substantial assets. Do they have assets??? Or are they self-employed…with a restaurant or something like that?</p>
<p>What EXACTLY was included in your UPenn FA? List each grant that was awarded and the amount</p>
<p>A couple of additional thoughts…</p>
<p>Is it possible that the OPs family qualified for the simplified needs test on the FAFSA (whereby assets were NOT reported)? Income was below the $50K threshold. If the family qualified for a means tested benefit, someone was a dislocated worker OR the family filed a 1040 ez or 1040a tax return, they would not have had to report assets on the FAFSA at all. This EFC would make them eligible to receive a portion of the Pell grant.</p>
<p>If the OP’s estimated award from UPenn was based on the Profile, those assets WOULD have been included (Profile does not have any kind of simplified needs test…assets are always reported). The UPenn award would not have therefore included the Pell grant. The family contribution including the assets might very well have been higher than what it would be without assets reported.</p>
<p>SO…OP…did your estimate from UPenn include any amount of the Pell grant? If not, you would be entitled to about $4600 of Pell grant money based on the FAFSA EFC you reported here. Did your UPenn award include $5500 in Stafford loans? If not, you should be eligible for those as well.</p>
<p>I would post the specific grant amounts; however, the “Penn Plan Online” (where the estimates were listed) is currently being updated by Penn and isn’t available until the 30th, and I cannot remember the exact amounts. I should have saved a copy somewhere…
I know for sure that it was not a finalized package.
My family does not have substantial assets; I believe there is $4000 in cash/checking.</p>
<p>I think it’d be best for me to come back to this thread on the 30th.</p>
<p>Thank you all for all of the help so far!</p>
<p>I’m quite flummoxed at the $15K amount you say UPenn has a a balance for your family to pay. Please let us know what happens. You are in a bit of a dilemma as you should already have accepted UPenn’s ED admission offer.</p>
<p>I hope the finances work out for you.</p>
<p>*My family does not have substantial assets; I believe there is $4000 in cash/checking.</p>
<p>*</p>
<p>Does your family have a lot in home equity?</p>
<p>Do you have a non-custodial parent whose income was considered?</p>
<p>If not, then you need to contact UPenn because they may have made some kind of error. I would ask them how they determined that a low income family with no assets and no NCP should pay $15k per year.</p>
<p>I suggest you call the UPenn financial aid office and find out exactly what your package is. With your EFC being that low, unless there is something else in the picture, I cannot see how your family is being asked to pay $15K a year. Hopefully the package you saw was all UPenn monies and they did not list what you can get from the government; ie about $5K in Pell, $5500 in Staffords, Work study and possible other federal funds from Perkins and SEOGH. There may also be an amount you are responsible for earning over the summer as part of your personal contribution but I don’t see how your family is being asked to pay $15K a year with the information you have given.</p>
<p>As of March 30th:</p>
<p>Financial Aid Notice
Educational Expense Budget $57,510
Expected Family Contribution $16,000
Expected Parent Contribution $13,600<br>
Expected Student Contribution $2,400<br>
Financial Aid Eligibility $41,510
Your Financial Aid Award
Scholarships/Grants/Work Study<br>
**Penn Grant $29,210 **
**Federal Supplemental Educational Opportunity Grant (SEOG) $4,000 **
**Estimated Pell Grant $5,100 **
Federal Work-Study (FWS) $3,200 **
** Total Financial Aid Eligibility $41,510</p>
<p>So the award went up slightly I believe from the one given in December (about $2000) but that’s probably because the cost of attending also went about by about the same.</p>
<p>I will be calling and appealing with some professional assistance as well.</p>
<p>Side note: My mom did tell me that my dad’s gross income is $100k because he works as a sub-contractor installing hardwood floors, but once you deduct the wages for helpers, cost of materials, etc, his actual income is below $40k</p>
<p>Thanks again for any insight/help. It is much appreciated!</p>
<p>Also, my FAFSA EFC went up to 1304…</p>
<p>seominju, Profile schools often add BACK in a lot of deductions that self-employed or small business people take which is why their estimate for your family was higher than for someone who just works a job with wages of $40K. </p>
<p>Also, there are no loans in your package. You could request and get $5,500 in unsubsidized federal loans per year.</p>