<p>My EFC for FAFSA was 8,100. Is this low? High? How much can I expect from USC? Please help. I'm the first student in my family (even with two older brothers lol) to be attending a four-year university with any credentials (no offense to my brothers' choices) and i'm really the only scholarly one in the family..so this is new to my mom and I (single parent) and family in general. I JUST NEED HELP!! So, is 8,000 low and how much will USC likely give me? I plan on attending private universities with 50,000 annual costs, room/board and tuition.</p>
<p>Please:-((((</p>
<p>Whether or not your EFC is low or high depends on your personal financial situation. If your family can comfortably afford your EFC, then it's low. If your family cannot pay that much, it's high. Add to that the fact that many schools do not meet 100% of need, and the actual cost may be quite a bit higher than the EFC. If a school does meet need, there may be a high amount of loans in the financial aid package. Then again, you may find that your need is actually met with minimal loans - so there is no way to predict anything until you actually see your financial aid award letter.</p>
<p>You are not Pell-eligible, which means you will not receive the federal Pell grant, you won't be eligible for the ACG grant, and you probably won't receive FSEOG federal grant. Those programs are all for families with considerably lower EFC's than your family's EFC.</p>
<p>ny one else?</p>
<p>It's high -- for you. It's supposed to be. In other words, the EFC is shocking for everyone, regardless of income level. I've yet to hear from anyone, of any income level, who thinks that their EFC is reasonable. And there's really no way around it unless you get a full-ride scholarship.</p>
<p>So the real question for you is, how are you going to meet the EFC? For most it seems to be a combination of cutting back on spending as much as humanly possible, and getting loans to cover the rest. Start examining every dollar that you spend, and asking yourself -- Do I really NEED this, or do I just WANT it? Make it your mission to search out ways to save money, large and small. The old saying is true: "Watch the pennies, and the dollars will take care of themselves." Swear off Starbucks. Stay away from Macys. Determine to live as simply and cheaply as possible for the next 4 years, so that you can minimize those loans.</p>
<p>Once you've cut spending to the bare bone, google "private student loans." The Sallie Mae website is a good place to start, but do alot of research. Contact your and your parents' bank to see what they can do for you. Take the loans in your name rather than your parents'; that will delay repayment until after you graduate, and the better their credit, the lower the rate you'll get. </p>
<p>It's painful, I know. I almost fell off my chair the first time I saw our EFC. You're not alone. I think loans are a fact of life for almost everyone except the very wealthy, the very destitute, and star athletes. But you'll get a better start in life if you keep them as small as you can.</p>
<p>thanks for the advice.
im a spender and just got outta my own debt ..i swipe the plastic wayy to much i need to stop now cause the colleges im going to are 50,000/yr and i can't keep spending money on lavish clothes, fast food, starbux, gas and eating out all the time! ugh my habits must change :-(</p>
<p>Yep, they must. It's good that you realize it, and know what you've gotta do. A big congratulations on paying off your previous debt -- something many of us adults don't have the smarts to do!</p>
<p>It seems kind of ironic that now you'll probably have to take on more debt for your education. But even though debt in general sucks, I do see student loans as being in a different category than consumer debt. Unlike a cup of latte, your education will benefit you for the rest of your life, long after those student loans are paid off. If you play your cards right, you can keep them to a minimum. </p>
<p>And congratulations for choosing to go to college in the first place! You won't regret it.</p>