I have an EFC of around 005500 and it says I don’t qualify for the pell grant. Can someone explain what this figure means and what kind of aid it entail at colleges. For instance, an OOS at Berkeley would need to find a way to cover like 62k of costs to attend. How will they use my fafsa and efc to determine my financial aid?
Well…let’s start with Berkeley. The UCs no longer give any institutional need based aid to OOS students. So…you would get a $5500 Direct Loan…and you might get some work study because that is federally funded. But really…it’s probably not going to be affordable for an OOS student with a $5000 EFC…well…unless younget one of their HUGE merit awards. @ucbalumnus
Your $5000 EFC per fafsa will mean diffeeent things at different colleges. Most colleges do NOT meet full need for all accepted students (Berkeley doesn’t meet full need for all). So…that $5000 should be viewed as the minimum you will be expected to pay for college.
Most of the more generous colleges also require the CSS Profile or their own form…to calculate institutional need based aid.
Hoping you applied to your instate Florida colleges as well…where Bright Futures might help you.
You can use the Net Price calculator on the UCB website to give you an idea of your costs along with this link: http://www.collegefactual.com/colleges/university-of-california-berkeley/paying-for-college/
EFC should read Minimum Family contribution since most schools will not meet need. So expect to pay your EFC +
As stated by @thumper1, unless you get the Regents or Chancellor scholarships, expect to pay the majority of costs for UCB as an OOS student.
@Gumbymom @thumper1 Yikes! It looks like I would have to take out loans to be able to attend (if I do get accepted and attend). Whether I’m allow to work-study or take out the Stafford loan is all dependent on the schools judgement correct?
Do not go to Berkeley as an OOS student if that is your EFC. You and your parents (or whoever cosigns your loans) will be much too far in debt.
To answer your question, it is not the school’s judgment. There are formulas. The Stanford unsubsidized is always offered. The subsidized depends on the difference between cost of attendance and EFC. Work-study formulas are more complicated and the actual jobs are generally first-come-first-served but again they are not a judgment call.
You will get $5500 in Direct Loans by completing your FAFSA. Up to $3500 can be subsidized.
@thumper1 @AroundHere Okay, I googled and found the MCAP. So what exactly does it cover? 15% for me is like 9700. So is Cal going to cost 27000+9700? It’s becoming a less and less feasible option.
Just keep an eye out for the MCAP which I believe could very well be discontinued.
We keep telling you, Cal is not a feasible option.
But, yes, even if you get MCAP, it would not cover any of the 27000 out-of-state charges.
What are your other schools? Did you apply anywhere in state?
@AroundHere @thumper1 I got into UF, which is basically a full ride (leaning toward). Then Brown, Cal, Cornell, Dartmouth, and UVA if the aid is right.
At those schools that meet full need…you might find that the aid is right!
Good luck!!
@thumper1 I hope! Thanks for all the clarification :).
So glad to hear you have a full-ride option on the list! It’s so horrifying when students post about their unaffordable school and don’t have any financial back-up plans.
There are a lot of opportunities and strong programs at UF.
@AroundHere Thanks. March is going to be a hectic and exciting time I guess.