<p>I know that the EFC is suppose to be how much money family is supposed to help you pay, so if my EFC is $7373 that means my family is expected to fund that much for my college right? Can anyone explain this better for me?</p>
<p>the EFC (expected family contribution means how much you and your family are expected to pay toward your education). Keep in mind that this is only the FAFSA efc. This number could be different at schools that use the CSS profile or their own institutional aid forms.</p>
<p>How how much you get depends on a number of factors:</p>
<p>the cost of attendance (tuition, room, board, books other misc expenses)
what percentage of financial need the school meets (you can find the average on the college board website)</p>
<p>how the aid is package (a school can meet 100% of your need using loan money)</p>
<p>So theres a good chance that I'll get a decent amount of aid? I'll be going to Rutgers New Brunswick next year and they use the Fafsa EFC for there financial aid processing, with total costs for tuition, room and board, and other being around $27,505. More than likely my parents won't be helping at all (mom was working two jobs last year, however she quit one because it was interfering with her other job among other things), however because I'm 50% Hawaiian and live in Hawaii I should be open to many exclusive scholarship opportunities so hopefully I can get fully covered.</p>
<p>If you look at USN&WR, it will tell you the average aid, and average breakdown between loans and grants for Rutgers. It sounds like you are out of state, as well which can be an issue as state schools tend to take of their own first. Unless there is something you have that the school really wants (high stats, special talent, etc), it is unlikely that you will get your EFC met, in my opinion. I have no idea how being Hawaiian and living in Hawaii will translate into extra exclusive scholarship opportunities, but if that is the case, and you have researched this to determine that situation, good for you. Hopefully, you get something that way.</p>
<p>If you look at the information at the college board rugters only meets 74% of your need.</p>
<p>UNless you are getting some major merit money, or are being recuited for basketball or football and you are getting an athletic scholarship, based on the numbers you presented on average your package will be :</p>
<p>COA 27505- EFC 7,373 = 21,302 (demonstrated need)</p>
<p>21302 *.26 = 5234 (the amount that you are going to be gapped off the top. You will have to come up with this money the best way you can) so you will be paying atleast 12k out of pocket</p>
<p>you package will be based on 14,898</p>
<p>they package their aid 42% grant aid 58% loans job</p>
<p>14,898 * .42 = 6257 in grant aid ("free" money)</p>
<p>14,898 * .58 = 8640 (loans and work study)</p>
<p>On average (individual mileage may vary , probably not by much)</p>
<p>cost of attendance = 27,505- 6,257 =** $21,248<a href="your%20total%20amount%20of%20out%20of%20pocket%20money-%20EFC,%20loans,%20workstudy">/b</a></p>
<p>If you are looking for a financial safety, this is not it.</p>
<p>There actually is a lot of financial aid opportunities and scholarships for those of Hawaiian descent.</p>
<p>eep... I would keep my options open until you know for sure about those scholarships.</p>
<p>Reminder....MOST colleges do not meet full need when giving financial aid. That means that you will be paying MORE than your EFC in most cases. And as Sybbie pointed out, your "aid" package could be heavy with loans. And finally, when applying to OOS public universities, remember that mission of most of these schools is to FIRST provide for the students of instate residents who are paying the taxes to support these schools. Some universities do have scholarships for OOS students. The likelihood of Rutgers paying all of your college expenses besides your EFC seems slim.</p>
<p>If you get those scholarship, it would be great. But I suggest a financial safety that you can afford just in case this is a big year for Hawaiians coming to the mainland for college and funds run short.</p>
<p>Don't scare him with loans. School loans aren't too burdening.</p>
<p>Bottom line is whether you get "decent aid" depends on the college and what your family considers to be decent aid. Many colleges do not meet 100% of documented financial need. Even if they do, they may give you far more in loans and work study than you feel comfortable with.</p>
<p>For more information about how financial aid works particularly for low income people, read this thread: <a href="http://talk.collegeconfidential.com/showthread.php?t=288982%5B/url%5D">http://talk.collegeconfidential.com/showthread.php?t=288982</a></p>
<p>
[quote]
Don't scare him with loans. School loans aren't too burdening.
[/quote]
</p>
<p>no one is trying to scare him with loans. Just simply stating how the school it self says it meets and packages financial aid.</p>
<p>School loans are burdening depending on how much they are. There's a difference between having to pay back $15,000 after graduation and having to pay back $50,000 in undergraduate loans.</p>
<p>You'll get aid depending on how expensive and how rich your school is.</p>
<br>
<blockquote> <p>You'll get aid depending on how expensive and how rich your school is.>></p> </blockquote>
<br>
<p>There is QUITE a lot more to finaid than the above statement implies. DD goes to an expensive school with a sizable endowment (especially for a school of that size). She did NOT get a very impressive finaid award. They do not guarantee to meet full need and they simply do not.</p>