<p>We just got through filling out the FAFSA and our EFC is 00040. What exactly does this number mean? Does this give me some idea how much I will have to pay for college? If 1 semester will cost about 8500.00 for tuition, room, board, and books how much will I have to come up with out of my pocket?</p>
<p>Right now, all we can really know from that number is that you’ll qualify for about $5000 in a Pell Grant and about $5500 for a student loan.</p>
<p>Many schools don’t have much else to give, so we don’t know what else you’ll get.</p>
<p>Where have you applied to go to school? </p>
<p>If any of the schools are public, are you instate for them?</p>
<p>Your FAFSA EFC tells the colleges and universities whether you qualify for certain kinds of federally determined financial aid. This includes Pell Grant, Perkins Loan, Stafford Loan, and Federal Work-Study. You can find out more about each of these programs at the FAFSA website.</p>
<p>You won’t know how much your college will expect you to pay until you see their financial aid package. However, you can get an estimate by subtracting your likely Pell Grant, and Stafford Loan amounts from the college’s Cost of Attendance.</p>
<p>Remember that often there are cheaper living options, and cheaper books. Sometimes you can bring those costs down a bit.</p>
<p>Wishing you all the best!</p>
<p>Sunny, also some states have additional grants. You can speak to you (or your child’s?) guidance counselor.</p>