<p>So let me just give you a quick example.</p>
<p>I got into the University of Washington (total cost $24,000/yr).</p>
<p>My EFC is $16,727 (for the purpose of the example we'll just call it $16,000).</p>
<p>This means my Financial aid will be $8,000.</p>
<p>Now, let's say of the $8,000, $4,000 is in loans, and $4,000 is in grants.</p>
<p>Now we're at $16k from family + 4k from loans + 4k from grants = $24k total.</p>
<p>Now, let's say I apply now and get a $2,000/yr scholarship.</p>
<p>What will that money go towards? Will our EFC jump to $18k? If my financial aid gets reduced to $6k, will it be $3k loans and $3k grants? Or do they take out grants first and then loans? Or maybe the other way around?</p>
<p>Thanks!</p>
<p>First, since UW doe not meet need, you may or may not get aid to meet yours.</p>
<p>Colleges handle outside scholarships in different ways. Many reduce loans and work study first.</p>
<p>Frankly, since Uwash doesn’t meet need and your EFC is too high for fed grants, you may not get any grants at all. You will likely get a $5500 loan and maybe $2500 in work study.</p>
<p>In any case, the school would like apply the scholarships to your need and maybe take away either the loans or the work-study.</p>
<p>Ok, so let me get this straight.</p>
<p>16k from parents, 5.5k from loan, 2.5k in work study = 24k. (Example of course, I know these aren’t exact numbers).</p>
<p>If I get a 2k scholarship…</p>
<p>18k from parents (2k is scholarship so, still technically 16k), and then say 3.5k loan and 2.5k work study.</p>
<p>Basically all scholarship money is beneficial.</p>
<p>Now let’s say at a school like USC, does the same apply?</p>
<p>^^^</p>
<p>Yes, something like that.</p>
<p>As for USC…that is a CSS school, so we don’t know what they’ll determine your “family contribution” to be. They don’t use FAFSA EFC to determine what a family should pay…they use CSS Profile.</p>
<p>Ok thanks guys for the UW help!</p>
<p>Now with USC, let’s just use round numbers and say total cost is 50k.</p>
<p>Let’s say I have to pay 20k, and (I’m a little hesitant to guess here, but…) let’s just say I get 15k grant, 10k loan, and 5k work study. Feel free to give me more accurate estimates!</p>
<p>If I get a 2k/yr scholarship to USC, my EFC would still go up 2k right?</p>
<p>So 22k EFC (2k scholarship included) and then where would the 2k come out from in the aid?</p>
<p>USC does meet need. The maximum loan they’ll give you is $5500 and work study won’t be S high as $5K, they won’t expect you to work that much. The rest should be a grant. A scholarship does not raise your EFC, but it does reduce your need.</p>
<p>First of all, understand that all EFC is, is a number generated by FAFSA for qualification for federal monies. THe only guaranteed grant through this is PELL, and with an EFC of $16K, you are not eligible for it. You are eligible for $5500 in Stafford loans, some of it with the interest subsidised so you don’t have it accruing interest while you are at school. Whatever else UWash gives you is up to them. They do not guarantee to meet need so you can get a big fat zero from them. I don’t know if your state has any loan programs for students, and there is the possibility of work study, but that is it, unless you get lucky.</p>
<p>For USC, you still have that %$5500 Stafford loan since that comes from the government, but USC will calculate their own need figure for you , and it may or may not be close to what FAFSA generates. THey include equity in the home and custodial parent financials, for instance. The PROFILE that you have to fill out is more extensive than FAFSA.</p>
<p>But assuming that they do come up with the same $16 that they expect you and your family to cough up, that means they will cover the rest in some grants, some more loans, and possibly work study. </p>
<p>If you are considered a top “catch” for either school, it is more likely that you get more grants than self help funds in your package. I don’t know USC’s loan policies==whether they limit them or not. If they do, then you’ll get more grants regardless.</p>
<p>USC does meet full need but it is need based on what THEY compute your family contribution to be. Since they require the CSS Profile the financial data on that would be used to determine the amount USC thinks your family should pay.</p>
<p>Since you are a high school senior now…you will be receiving your financial aid packages from schools to which you are accepted very soon…if you haven’t already gotten them. I would suggest that you wait until you receive the ACTUAL packages…should be in the next week or two…as that will tell you exactly what the schools are going to do to package your financial aid. </p>
<p>Anything we put here would be guessing.</p>