I applied for college (Fall Semester) and I got accepted, I already have my classes ready and everything. I did my FAFSA online and it immediately said
Estimated Expected Family Contribution (EFC)= 000000
The EFC is a measure of how much you can contribute to the cost of your education. Schools use your EFC to determine your federal student aid eligibility.
The EFC is not how much aid you will receive or how much you have to pay for college.
Based on the eligibility criteria you may be eligible for the following:
Pell Grant Estimate - $6,095.00
Direct Stafford Loan Estimate - $9,500.00
I am just trying to figure out was I approved for this much? Or what happens now?
Fafsa stands for Federal Application for Student Aid. Based on the information you provide on Fafsa, your eligibility for aid from the federal government is determined. Looks like you are eligible for the maximum Pell grant (that’s a gift – you don’t have to pay it back) and a Stafford Loan (which you start paying back after you graduate). Are you financially independent from your parents? I am assuming you are because that loan amount – $9,500 – is for students who are considered independent. (If your parents have been denied a Parent Plus loan, you’d also be eligible to receive $9,500.) $3,500 of the $9,500 is subsidized, meaning that no interest accrues on it while you are in school.
So … in answer to your question, the next step is that your college reviews your Fafsa and the SAP (student aid report) that it generated. The college must approve these amounts, and perhaps will add some of its own funds to your financial aid if it’s a college that gives institution-based financial aid. You will get a letter from the college financial aid office that details your entire FA award.
In the meantime, you can call the college FA office to ask when you can expect to be notified of your FA award.
Did you submit this FAFSA to the college you plan to attend? When did you do this?
Did you receive a financial aid award from the college you are attending?
The two forms of aid listed are ones you will receive…the $6095 Pell, and the loan…if you accurately completed the FAFSA.
I do have a question…that $9500 Loan amount is the one for students who are independent for financial aid purposes. Are you independent for financial aid purposes, and if so, which criteria makes you so?
How much does the school cost for everything…including room and board and personal expenses