<p>Is your EFC from FASFA what your are expected to pay for that school term? Is that saying FASFA is going topay the rest of all the costs?</p>
<p>Is what the school offers you different money that FASFA is giving out?</p>
<p>I am not sure about all this because my EFC from FASFA was around 3,000 and now my school is offering me awards close to 3,000 dollars. I'm wondering how much am I gonna be paying with all this.</p>
<p>Your EFC is your Expected Family Contribution, you are expected to pay $3,000 but that doesn't mean that the government will cover your costs completely. You're eligible for grants but your grants won't take you very far, depending on the institution. Some schools will meet your EFC while others will not. Most schools that meet your EFC also require the CSS Profile.</p>
<p>Your EFC is for the year not the term.</p>
<p>FAFSA does not give you any money. It uses the information you have provided to calculate your EFC which is provided to the school. The school is the one that gives you a financial aid offer. The school takes your EFC away from their COA (Cost Of Attendance) and the difference is your 'need' on which a financial aid offer is based. The financial aid can be in the form of grants, loans and work study. Many schools do not meet full need so you may also have a 'gap' - for instance your need may be 15,000 - they may only give you 11,000 (which can include loans).</p>
<p>And no FAFSA will not pay the rest of the costs. Federal aid can be grants
1. Pell. The maximum is $4731 but it is based on your EFC. With a 3000 EFC you should get @ $1781
2. SEOG - the federal max is $4000 but it is a limited funds grant (meaning the schools get x dollars and they decide how to disburse it and what their max will be - for instance at my daughter's school the max is 2000 and you have to have a zero EFC to get it).
3. ACG - $750 - requires pell eligibility and some other academic requirements.</p>
<p>Other than that federal aid includes loans and work study.</p>
<p>Ok so i I'm still a little lost. Is what ya'll saying is that all the awards that I got from my school, I subtracts that amount from the total COA and that difference is what I have to come up with rather it be through loans or whatever I see fit?</p>
<p>Was the award a merit award (scholarship) or a need based award? I would expect you to have been offered loans and work study by the school if you have remaining need.</p>
<p>Yes I was offered a small loan. I do beleive I understand now and thanks for all the help.</p>
<p>That's basically right. However, when you say awards, did that include things like a Pell Grant or Subsidized Stafford loans? You may or may not have gotten your final financial aid package. One of my D's colleges has sent notice of 2 scholarship awards, but we are still waiting on the final package which will include the Federal grants and loan information.</p>