EFC question

Paying for College
1

<p>Based on the information we have on record for you, your EFC is 05915. Your school will use this number to determine your financial aid eligibility for
Federal grants, loans, and work study, and possibly available funding from your state and school. You are not eligible for a Federal Pell Grant but you may be eligible for other aid.</p>

<p>If that considered a high or low EFC? Does that mean my family can pay 5,915? or is that just a calculated number? What is a Pell Grant and why don't I qualify?</p>

2

<p>The EFC means that based on your parents income and assets, your parents are able ot contribute $5915 toward your education. This number is a estimate because at some schools it may be more, at others, it may be less.</p>

<p>If you go to a school that meets 100% of your demonstrated need, it may be calculated out as follows..</p>

<p>Family Contribution</p>

<p>parents (EFC) 5915
Student Contribution 2000 (APPROX this would come from summer earnings)</p>

<p>total 7920 </p>

<p>You would then subract 7920 from the Cost of your attending college (tutition, room board, books, misc).</p>

<p>If you were to attend a school that is $40,000 per year , then your demonstrated need would be $32,080. </p>

<p>A school that meets 100% of your demonstrated need with not a lot of loans (most ivies and a few of the elite LAC's </p>

<p>May meet this 3280 as follows</p>

<p>Subsidized student loan $2650
Work study $2000
Grant/scholarship $27,430</p>

<p>My advice is to now look at the financial aid policies at the schools which you have applied. Find out how much the average grant aid is and the average amount of debt students graduate with. Also start seaching for outside scholarships because every little bit helps. Start now getting your resume together for your summer job or if you already have an after school job plan out a budget so that you can maximize your savings over the summer
Concerning the Pell Grant...</p>

<p><a href="http://ifap.ed.gov/sfahandbooks/attachments/0304Vol3Ch1.pdf%5B/url%5D"&gt;http://ifap.ed.gov/sfahandbooks/attachments/0304Vol3Ch1.pdf&lt;/a&gt;&lt;/p>

<p>To receive a Pell Grant, a student must have financial need. The Expected Family Contribution (EFC) formula is the standard formula used in determining financial need for FSA programs. The formula produces an EFC number.</p>

<p>The lower the EFC, the greater the student’s financial need. Thus, the neediest students will have an EFC of 0 and may be eligible for the maximum Pell award of $4050 if their cost of attendance is high enough and if they will be attending full time for a full academic year. As the EFC increases, the student’s need is less and so the amount of the award decreases; after the maximum EFC of 3850, eligibility for Pell funds becomes $0.</p>

<p>hope this helps</p>

3

<p>thanks sybbie that clarified a lot for me!</p>