<p>Hey Im gonna be a junior next year and I have some questions. excuse me for my ignorance.....</p>
<p>I was wondering about the financial aid applications to colleges. How do you turn in you application when you have to file your taxes starting January 1st. and thats after getting the w-2 forms and everything. I know some schools have a seperate financial aid application deadline seperate from the regular application deadline. Somebody help me out..</p>
<p>Also, am i expected to pay all of the EFC. What about if I get enough merit scholarship and need based aid to cover that? </p>
<p>You would be wise to invest some time learning about financial aid. You have plenty of time and I have posted one site........the gov't has free print publications also.</p>
<p>You estimate to complete your FAFSA in time. Then update it later with the correct numbers.</p>
<p>If you get a financial aid package (grants, loans, work-study), you're expected to pay the difference between the aid package and the total cost of college (tuition, fees, room&board, books, miscellaneous expenses). That may be the EFC, or more than the EFC at many colleges that don't meet 100% of need.</p>
<p>If you get outside scholarships, you'll have to report them to the college financial aid office. They will likely reduce their aid offer by a like amount. Sometimes they reduce the loans, somethimes they reduce the grants. Depends on the college.</p>
<p>thanks for the help, but i was just wondering if i receive merit awards (scholarships, etc.), will i still be required to pay the efc if the merit-based awards are enough to bring it down a bit?</p>
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<p>if i receive merit awards (scholarships, etc.), will i still be required to pay the efc if the merit-based awards are enough to bring it down a bit?>></p>
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<p>It all depends on the college. You would need to contact the finaid offices of the schools for an answer to this question. If you receive merit aid, every school has their own way of dealing with how this affects need based aid. Some reduce loans, some reduce everything by a certan %age, some allow you to keep all of the aid if the total of your aid does not exceed the cost of attendance. Keep in mind also, that any aid you receive for room and board is considered income and will be subject to taxes.</p>