Financial Aid (is this rigth?)

Paying for College
1

<p>I went to finaid.org and I got my dad to fill it out and everything and I got this</p>

<p>This page presents an estimate of your Expected Family Contribution (EFC) and financial need using the federal methodology. </p>

<hr>

<p>Estimated Expected Family Contribution (EFC):Parents' Contribution 3783
Student's Contribution 0 </p>

<p>TOTAL ESTIMATED FAMILY CONTRIBUTION: 3783 </p>

<p>With this EFC, you probably qualify for a Pell Grant. Assuming that you are attending a school that costs more than $4,310 per year, your Pell Grant should be approximately $560. </p>

<p>I know it's just an estimite but is it saying I get only $560 per year for college and I'm going to Towson btw which will cost me 10000 fr just tuition</p>

2

<p>NO…it says you are getting a Pell Grant for $560. You have no way of knowing what school grants or state grants you might be receive from your college as a low income student. In addition to the Pell grant, you will also receive a Stafford loan, and probably work study. If your school has SEOG, you might get that too…and you should check to see what your state (Md?) offers for low income students in terms of grants.</p>

<p>Finaid.org and FAFSA do NOT award financial aid packages. The colleges do that. What you have gotten is an estimate of your eligibility for a Pell grant…and that is it.</p>

3

<p>ok so there is no way of knowing how much financial aid I will get, and since the amount there giving me for the Pell Grant is so low do you think the amout of financial aid will be low too. I also don’t get why it’s so low my dad makes 69,000 and it’s only him there are 4 kids and me and my brother are both going to college at the same time.</p>

4

<p>The finaid calculator is about 2 years out of date. If your EFC is 4310 your Pell eligibility will be a little higher than $560, probably more in the region of $1200. But the EFC is probably off by a few hundred.</p>

<p>As far as federal aid is concerned you would be eligible for some Pell but probably not any other grant aid. The ACG and SMART are going to be gone after 2010-2011 school year. The SEOG is unlikely. It is a very limited funding. At both schools we have been involved with the SEOG is only awarded to students with 0 EFCs and they still run out before all 0 EFC students can be awarded it. You will also be eligible for federal student loans.</p>

<p>Federal aid is very limited and nowhere near covers the cost of most 4 year state schools. Some states have state aid and some schools also have their own institutional aid. You ned to check to see if Towson offers institutional aid.</p>

5

<p>Remember that “financial aid” is an umbrella term. It means loans+ grants+ work study. </p>

<p>So, if you are currently a senior in high school, you have to apply to college (hopefully several colleges) AND fill out the FAFSA as soon as possible after Jan. 1. (you can use estimated numbers if the tax figures are not ready yet. Just plan to amend the FAFSA as soon as your Dad gets his taxes done). </p>

<p>Then you wait. At the end of March or in early April you will hear from the colleges. The letter of acceptance will have a sheet in it that lays out your financial aid. </p>

<p>Each letter is highly individual. So, your letter might say:</p>

<p>Townsand College Cost of Attendance is $20,000
Pell Grant awarded = $5000
Parent’s contribution = $3,753
Student’s Contribution = $1,500
Stafford Loan = $4000
Parent Plus Loan = $5747</p>

<p>So, that kind of package means that you would be expected to work (the $1500) AND borrow money (Stafford loan of $4000) AND your dad would be expected to borrow money (the parent plus loan). </p>

<p>Well, now, that stinks. That is a lot of loans. And all you have to do is sign some paperwork and you and your dad are on the hook for years. </p>

<p>Hopefully, you have applied to several colleges and another college says </p>

<p>Happy College Cost of Attendance = $20,000
Pell Grant = $5,000
Happy College President’s Welcome Grant = $4,000
Math Department Strong Student scholarship = $4000
Stafford Loan = $3000
Parent Contribution = $3000
Student Contribution = $1000</p>

<p>So, you still end up with some loans – but your dad doesn’t. You have to work but not so much. </p>

<p>It is really hard to know what your costs are going to be in the fall of the year for the following year. </p>

<p>I hope you will print off the financial aid worksheet you did and take it in to a local college and ask a financial aid officer to go over it with you. Some one knowledgeable can help you figure out if you are missing anything or if you have filled out a slot incorrectly. Sometimes high school counselors know this stuff --sometimes not. </p>

<p>This is complex, challenging stuff (I have two college degrees and these forms make me totally crazy) – but keep after it. Mastering these forms and the process means thousands of dollars in your pocket. </p>

<p>I like “How to pay for college without going broke” by Khany. It helps explain a lot of things. </p>

<p>KEep in mind, there is always “financial aid” available – the question is “How much is loans???”
Good luck!</p>

6

<p>Thanks for everything I think I should go to community college if I don’t get enough grants (or whatever free money) to make it less then 10k.
Becuase for my career path (dentistry) I was told that it would not really matter if I go to community college, I also don’t want to stack up on loans before graduate school.
But I will apply for everything I can get and see if towson would be affordable.</p>

7

<p>Great plan! Play some poker here. Apply to several places and see who lays down the winning hand. If you do get to the place where Happy College offers a great package and Towson offers a so-so package, then you can keep trying by calling Towson and saying “Wow, you are my first choice school. Can you match what Happy College is offering?” The worst that can happen is that they say “no.”</p>

<p>Meanwhile, do the best you can on grades, SAT testing and on being a respectful, hard working student (that last part shows up in the teacher’s letter of reference). Money and opportunity come to those who are hard working and open to considering many paths to success.</p>