<p>My EFC is around 4900...is this a good number to be at? (I didn't qualify for the Pell Grant)</p>
<p>It is a good number if you can get the aid you need beyond the EFC, AND if you can pay the EFC and any possible gapping. The problem with having a low EFC comes when you realize that your schools do not give 100% of need. It also is a problem when your need is not given in the form of grants or if you do not qualify for much money under profile or the college
s own</p>
<p>if they colleges I'm applying to offer 100% need?</p>
<p>chances of grants?</p>
<p>Most colleges that give 100% of need require addition forms such as the PROFILE or their own FA app. If your EFC remains $4900 through their methodology as well, then you should get a lot of aid. But grants? Well, it depends on the school. Too often, kids get loads of self help aid such as work study and loans. It's tough getting lots of free money. The schools that tend to be the most generous in that area tend to be schools that are the most selective. I suggest you look up your college in USN&WR and you can see average breakdowns of aid packages. It'll give you an idea what a given college gives in its financial aid packages.</p>
<p>College Board is also a good online reference for the financial aid practices of the individual colleges. Here's Stanford, for example:</p>
<p>My EFC is 819. Is that very good?</p>
<p>Outstanding, from a financial aid point of view. The formula is predicting that your family can contribute $819 next year to your education.</p>
<p>Schools will put together an aid package that makes up most (occasionally all) of the difference between the EFC and the full cost of that college (room, board, tuition, fees, books, miscellaneous expenses). The package will include grants, work study, and loans.</p>
<p>I applied to UC Berkeley, UC Santa Cruz and San Jose State University. I put the HOusing plans as ON CAMPUS. Does anyone know how much is my financial package will be for each of the school? EFC 819</p>
<p>so anything more about me?</p>
<p>glucose adn tombking: Look up your colleges on College Board. Click on "financial aid". You'll see what the estimated cost of that college is. Subtract your EFC, and that's the value of the package the school would offer if they met 100% of need.</p>
<p>Below that, you'll see what % of need that school meets, on average, and also what portion of the aid package is grants and loans.</p>
<p>Do a little research-- it's your education.</p>
<p>hahaha...I'm not stupid, lol</p>
<p>I just didn't know if EFC did/meant anything else than what you're expected to contribute, and pretty much loans will make up the rest</p>
<p>
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I just didn't know if EFC did/meant anything else than what you're expected to contribute, and pretty much loans will make up the rest
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</p>
<p>It depends on the school. at some places getting a package that consists of mostly loans could be true because all financial aid is not created equal. IF you go back to the college board to the financial aid tab, it also give you an idea of how aid is packaged -percentage grant aid ("free money") and percentage self-help (loans, work study).</p>
<p>On addition, schools that give a large portion of grant aid in their packages (insitutional funds) will most likely also require either the CSS profile or their own financial aid forms. While your FASA EFC says one thing, after filling out the profile, you could have a different EFC.</p>
<p>At minimum you file the FAFSA (at almost every school) to determine your eligibility for federal aid (Pell/ seog grants, stafford and perkins loans). The CSS profile is used at different colleges that distribute their own institutional aid.</p>
<p>Many schools that use a federal methodology to determine EFC will require only the FAFSA. Schools that use an instutional methodology or a combination of the 2 will require the CSS profile or their won FA forms.</p>
<p>Differences between the IM and FM models are</p>
<p>IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.</p>
<p>IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.</p>
<p>FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.</p>
<p>FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.</p>
<p>FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.</p>
<p>FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.</p>
<p>The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.</p>
<p>Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”</p>
<p>Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.</p>
<p>For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.</p>
<p>Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.</p>
<p>after doing the EFC estimator on collegeboard.com, our EFC calc is much higher than i think we can afford. after actually submitting the FAFSA, does the EFC generally calc the same as estimators or does it come back differently? i'm hoping it calcs a bit lower!!</p>
<p>The actual EFC should come back the same as the estimate, if the input is the same. It is a simple mathematical calculation. Sorry, and welcome to the club.</p>
<p>i guess i was just "hoping" that the estimator was so high level, that when you actually submitted much more detailed info on the FAFSA, that maybe the final EFC could calc lower. guess not.</p>
<p>Calculators have been right on, in our experience. But you've gotta put the right numbers in. The FinAid calculator is particularly helpful when planning/preparing, because it lets you run a number of scenarios, and it tells you the breakdown of the EFC- how much of it was due to the Student Income, the Student Assets, the Parents' income, and the Parents' assets. So if your EFC seems unreasonably high, you can track down the culprit. And in come cases, if you act soon enough, do something about it.</p>
<p>"IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity."</p>
<p>Can you tell me what "types" of families with less than $50,000 income FM ignores the assets of?</p>
<p>The EFC calculator said our EFC is $0 for both FM and IM, but FAFSA came up with an EFC of almost $9000 though we used the same numbers.</p>
<p>It's called the simplified needs test-- search here or at FiinAid for details. Requires that you be able to file short form 1040-- that may be the difference between the calculator (which apparently thought you could) and the FAFSA (which thought you could not). You might be able to fix it still and get your EFC down to the 0 predicted by the calculator.</p>
<p>When you did the calculator did you check what was checked on the 'eligibility ti file 1040a or 1040ez question? If I recall it is automatically set at yes so if you left it at yes on the calculator but checked no on FAFSA that could account for the difference. You have to file a 1040a or 1040ez, or at least be eligible to do so, to qualify for the simplified needs test.</p>
<p>Here are the description and requirements:</p>
<p><a href="http://www.finaid.org/educators/needs.phtml%5B/url%5D">http://www.finaid.org/educators/needs.phtml</a></p>
<p>So if you can adjust your tax filing situation so that all your family members are eligible to file 1040A or EZ, you might be able correct FAFSA and it will exclude the asset contribution to the EFC.</p>