<p>When do we find out how much we are getting from FAFSA? I got my sar email and it said something like "you may be eligible for $5,500 in loans".</p>
<p>FAFSA does not award aid; it only collects information used to compute an Expected Family Contribution (EFC). Schools use the EFC to determine you awards. If the only thing it says you are eligible to receive is loans, your EFC is too high for a Pell grant. Your school may have some grant aid to award, also, but that depends on your EFC and the school. Schools are starting to send out financial aid award notices around now, but it depends on the school - you can call to ask.</p>
<p>It said something about “direct stafford loans”, I thought that that would be federal money though? I am going to MIT and got my award notice this morning and it said that it recommended that I take about ~$3,000 in federal loans and try to get a federal work study for about another 3k. I’m just not exactly sure what that all means…</p>
<p>Work study would be a job you get on campus to help pay your expenses. Your wages are actually split by both the government and your employer but like a regular job you are paid either weekly or bi-weekly. Do not count this money in figuring paying tuition or room and board as those fees are due prior to the start of the semester. I would look to use it to pay personal expenses and or books throughout the year. It is not an “award” per se in that you have to earn it by working.</p>
<p>You may want to check out the link below:</p>
<p>[MIT</a> - Student Financial Services - Jobs](<a href=“MIT Student Financial Services”>MIT Student Financial Services)</p>
<p>You may also wish to read up on Stafford loans,</p>
<p>[Student</a> Aid on the Web](<a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp]Student”>http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp)</p>
<p>Did you get some grants from MIT, as well? If they suggested about $3k in loans, I am wondering if you got a generous award package so that your need for loans is low … or if your family EFC is so high that they figure you only need to borrow that much because your parents can pay the rest. The answer to this is important!</p>