Im in the state of Missouri and my college tuition is around 23,000 and I will be living at home so I don’t have to worry about room and board. But my EFC is 0, and I am eligible for the maximum pell grant and stafford loan, but I don’t really know what that really means. Is the Pell grant for each year?
Can someone explain how federal aid work? Are there anymore federal aid I can get? I’m pretty sure I get a $6500 freshmen scholarship for each year.
With a zero EFC, yes, you are entitled to the maximum Pell grant and if a freshman, up to $3500 of your Direct Loan will be subsidized (no interest accrual until no longer a full time student). You can borrow another $2K on a subsidized basis. That is all that is guaranteed. The rest is up to your college and how they choose to dispense merit awards and financial aid.
You have to apply for financial aid each year. It is not guaranteed for all the time you are in college and if your financial situation, or the laws change,the amounts could change.
Have you asked your parents if they can help you pay for college?
So $23,000 is the tuition? What school is this?
Pell is currently 5,730 per year. Yes you will get it every year if finances stay the same. You are eligible for student loan which is up to 5,500 first year. Looks like you are quite short. Didn’t you get your aid package yet? Didn’t you apply to any other colleges? You will qualify for work/study too, which will Zip bag 2.5x4" you maybe an extra thousand or so per semester if you work a job for 10-15hrs.
So my daughter’s EFC is 00041. What does this mean?
Your EFC is $41.00 (meaning your family is low income) making your D eligible for federal aid most likely full Pell and a direct loan. Depending on how much funding the school has, possibly FWS , FSEOG. If you state uses the FAFSA for state aid, D will probably be eligible for full state aid also.