<p>I qualify for 0 EFC, but what does that really mean? I haven't received my financial aid package from the college I am going to (I should in the next few days), but will that detail what I may be paying?</p>
<p>Essentially, I have my EFC, now what?</p>
<p>^^ i have the same efc contribution...im poor though lol so i kinda think thats accurate but im not sure what that means in terms of aid ill be recieving</p>
<p>It is impossible to answer your question as it really depends on so many variables - what your school costs, what sort of aid your school offers, whether they promise to meet full need, whether you may qualify for some merit aid. If they offer only federal aid then it is likely they will not be able to meet your full need without considerable loans. Federal aid is not enough to cover the cost of most 4 year public schools. If they have their own aid to offer you may fare better.</p>
<p>Federal Student aid consists mainly of:
Grants (do not have to be repaid)
Pell:The maximum for 2008-2009 was $4731 (supposed to increase in 2009-2010). Is EFC based. For 2008-2009 it required an EFC between 0-4041. 0 EFC got the maximum grant then the amount of grant goes down as the EFC goes up, phasing out at 4042.
SEOG: Usually awarded to the neediest students. Schools set their own criteria. (unlike the Pell where if you qualify by EFC you get it). At my daughter's school it requires a 0 EFC and early FAFSA submission. The maximum varies by school. (schools are given a limited amount of SEOG dollars to award so decide how to best allocate the money. Some students meeting the school's criteria may not get it if funds are depleted). The max by federal rules is $4,000 but schools set their own max depending on how many students they may need to award it to. The max at my daughter's school is $2,000.
ACG:Freshmen/Sophomores only. $750 freshman/$1300 Sophomore. Requires Pell eligibility and certain academic requirements - rigorous HS curriculum, certain HS GPA. Cannot have graduated HS before (I think) 2005.
SMART:3rd and 4th year students only. maximum = $4,000. Requires pell eligibility, certain majors, and a mimimum GPA.
TEACH:For teachers training to teach in certain needed subjects and requires a time commitment teaching in needy districts. If the time commitment is not met the grant reverts to an unsubsidized loan with interest dating back to the disbursment of the loan (ugh). I think there is a GPA requirement.</p>
<p>LOANS
PERKINS:Subsidized loan. Neediest students. $4,000 maximum. Limited funding. 5% interest rate. Govt pays the interest until after graduation or dropping below half time plus for a 9 month grace period. Some posters reported their schools not getting much Perkins funding this year.
STAFFORD:Combination of subsidized and/or unsubsidized. For a freshman the maximum is $5,500 of which a maximum may be subsidized if there is 'need'. Subsidized 6% this year, dropping each year for the next several years, 6 month grace period. Unsubsidized 6.8%. Interest starts from day 1 but repayment of interest and principal may be deferred until after graduation - interest is capitalized.</p>
<p>WORK STUDY You get a job on campus (or certain off campus community jobs - my daughter works in a Govt lab) and are paid an hourly salary. The benefit of a WS job is that the earnings are not held against you by FAFSA the next year.</p>
<p>There are also parent loans (Plus loans). Some States have grant programs - usually for students staying in state. Schools that promise to meet full need may have their own grant money.</p>
<p>Finaid.org is an excellent source of information on the various federal aid programs.</p>
<p>Above are 2008-2009 figures. They may change for 2009-2010.</p>
<p>Wow, thank you so much swimcatsmom! One more question, my school does promise to meet full need, does that cut any of the possibilities you listed?</p>
<p>If they promise to meet full need then it should cut out the 'gap' (unmet need).</p>
<p>If they promise to meet full need without loans then it should cut out the loans and, presumably, replace them with some sort of institutional grants. Most, if not all, schools that promise full need and no loans require CSS/profile as well as FAFSA.</p>
<p>Some schools also expect a certain $ amount of student contribution, regardless of the EFC.</p>
<p>Schools that promise to meet full need must have their own institutional aid of some sort (or be very inexpensive, such as a community college where costs can be fully covered by federal aid).</p>
<p>The OP was accepted to Reed College
Depending on info on the Profile, your contribution could change from 0. and there could still be loans in your package (see #6 below)</p>
<p>Reed</a> College | President's Office | Speeches, Letters, and Articles</p>
<ol>
<li>Reed College meets the full demonstrated financial need of all admitted students.</li>
<li>In recent years at least 50 percent of Reed students have received financial aid from the College.</li>
<li>Reed is providing nearly $18 million in grants from its operating budget this year to financial aid recipients.</li>
<li>Reeds average financial aid package for 2007-08 was $32,620.</li>
<li>The median family income for Reed students receiving financial aid is $61,167.</li>
<li>Need-based loans for all loan eligible students are capped at a total of $16,000 for the full four years at Reed.</li>
</ol>
<p>$16,000 is not bad. I am not an advocate of large student loans but anything below $20k (for the entire 4 years) does not trigger my freak out response.</p>
<p>As Sue said, the profile contribution can be quite different from the FAFSA one as they take more information into account..</p>
<p>FAFSA's EFC at low levels only guarantees you Pell Grants and unsubsidised Stafford loans. It also can make you eligible for other government money if your state and your college has the funds available.</p>
<p>Most schools that guarantee to meet full need use PROFILE or some other form to calculate your need. This need figure does not necessarily match the FAFSA need figure. For example, if there is a non custodial parent in the background or assets in the primary home, those items are not taken into consideration by FAFSA but many schools take those numbers into account when calculating need. It is possible to get a zero EFC from FAFSA and still come up ineligible for financial aid by a college. My friend's children fell into the category where they had low EFC due to their mother's income and assets, but were not entitled to aid from their colleges because their father (divorced from the mother) had a high income. That he refused to contribute for college did not come into the equation. Though they got some PELL money and unsubsidized Stafford loans along with some state money, they did not get offered a dime from those colleges that used PROFILE or other method that included both parents' incomes.</p>
<p>I emptied it</p>