<p>Hey guys, I finally finished my FAFSA and was curious on what these numbers meant to me.
Estimated Expected Family Contribution (EFC)= 00000
Pell Grant Estimate - $5,645.00
Direct Stafford Loan Estimate - $5,500.00
If it helps I'm either attending UCF or Texas A&M in the fall.</p>
<p>Are you in-state for either? Your Pell Grant is just that, no payback required. You will also be able to get a loan of $5.5K. Did you get any other $ from your schools?</p>
<p>Yes I would be in state for UCF, and I recieve pegasus gold scholarship, ($14,000) and bright futures 75%.</p>
<p>Looks like UCF will be affordable.</p>
<p>Do you know if you qualify for large merit from Tex AM? If not, then it probably won’t be affordable since the OOS cost is high.</p>
<p>I don’t think I qualify for a merit scholarship from TAMU. I have a 4.3 gpa and 30 ACT which isn’t bad but not great. Would you mind explaining to me how pell grants work? Would I get the $5,645 at once, or would it come split at around $705 for all 8 semesters?</p>
<p>The Pell Grant figure is for one year. Half of it will be applied to your college bill first semester, and the second half will be applied second semester. If your family’s financial situation doesn’t change, and if you meet the minimum standards for academic progress, you will continue to receive a Pell Grant each year for all four years of college.</p>
<p>Is the Pegasus scholarship $14k per year or is it $3500 per year?</p>
<p>I wish it was 14k per year lol. its 3500 per year paid out every semester at 1750.</p>
<p>COA in-state is 16,6962 (tuition is $6240</p>
<p>3500 + Pell 5645 =9145 (this will definitely cover your tuition and fees).</p>
<p>Can you use bright futures toward toom and board? If your bright futures comes up to ~ 7k, then you could be debt free (not sure how bright futures works). </p>
<p>If not, once you add your loan $5500 , you will have a total of 14,645 in aid (a summer job will be able to cover the balance)</p>
<p>Please be aware that Stafford loans can, and probably will, increase to $6500 for year 2, and $7500 in years 3 and 4.</p>
<p>Remember the following, which I had discussed in a previous thread but found out that most people are totally clueless. The Stafford Loans for unsubscribed will run @ 6.7% but financial charge will be 4% per disbursement. Since there are two disbursements per year, you will receive your $$$ less 4%. The only saving grace to this is you can pay it back after graduation (6 mos) although they will start charging % 120 day’s after disbursement. Note I speak from experience, also referencing Bright Futures, it is an excellent deal, although it isn’t 75% . My D has Bright Futures, attending UF and @ $200+ per credit $104 is applied toward BF, the math doesn’t equate to 75%. Note: UF does not offer any type of merit scholarships, since the average GPA is 4.3.</p>