Approximately how accurate is your EFC to what you actually need to pay a year at PITT?
Our EFC lines up pretty well. But usually the EFC is the minimum you will be expected to pay.
The EFC determines if you qualify for federal or state aid.
For example if the direct billed costs are $30,000 for tuition ($18k), fees ($1k), room ($7k), meal plan ($4k) and your EFC is 0 then you could expect to get a Pell grant of about $5,775, you might get a FSEOG grant, a Perkins loan, federal work study award, if instate a PHEAA grant of up to $4k I think. So that could add up to about $15 k. But you would need another $15 k. So then you can take out subsidized/unsubsidized loans of up to $5,500 and additional $4 k if parents are denied for plus loan. Then you are still short about $5 k. You can work summers and save that money but you will also need to buy books and personal supplies. If your grades and scores are high you might qualify for a merit scholarship.
EFC of 0 would qualify for maximum federal aid (and state aid for PA students) if forms are filed on time, higher EFC up to 5,198 can qualify for Pell, but lesser amount. Minimum amount is $626. If EFC is higher than that you would not qualify for Pell, but possibly a lesser amount of PA grant. I think minimum is $500. If EFC is too high you would not qualify for aid.
It’s good that you are thinking about cost now, but your financial aid award will not be finalized until about April. Make sure you file FAFSA promptly in January 2016 and get taxes done as soon as possible so you can update income information on FAFSA.
You can try the net price calculator and see what the estimate of aid is for your family income.
Thank you, very helpful info.