So i just finished my FAFSA. I got an email saying my EFC was 005682 and I am eligible for the direct Stafford Loan os 5500$. My parents will not be able to contribute even close to 5.682$ if that is what that means. Also, why am I not eligible for any other grants? Is this EFC good or bad? Any info on the whole subject would be helpful. Neither of my parents went to college and I have little help with all of this. Thank you.
Your EFC for federal aid is $5682 and that is what the federal gov’t calculates your family can pay. It is not necessarily what colleges will ask you to pay, generally they will ask for more than that, but it depends where you’ve applied.
FAFSA doesn’t give you info on other grants (like ones that a college might give you), only the federal Pell grant which you are right at the top end of being able to get (EFCs below $5775, so basically right where your EFC is).
so how will i know if i get the pell grant?
It appears you will not, if it wasn’t mentioned. If you did, it would have been for less than $100 anyway.
If your EFC is 0, you get $5775. If it is $2000, you get $3775. And so on.
Did you double check your numbers? Did you put your parents income on their area and your income on yours? That’s a common mistake, if you think the number is too high.
Just off the top of my head, that EFC would result from parental income of around $60K per year, with no assets, one kid in college, family of 3, no student income. Is that in the ballpark?
i really don’t know, my dad filled out the information. can i change it after i submitted it already?
Your FAFSA EFC (if accurate) would be too high to get any Pell Grant money.
What is your family annual income? Some states have grants for lower income families with earnings less than $80,000 (e.g. Calgrant in CA, and TAP in NY). Does your state have any grant money for lower income students?
Also, how good are your SAT or ACT scores, and your GPA?
Yes, you can change it up until it is linked to your (and your parents’) tax returns. Did your dad estimate income and assets for this year?
yes
My dads income is around 65000 and my moms is 30000 but they are divorced and have very large amounts of debt. I’m not sure about my states grant money, I live in Maryland though. My ACT was 31 and SAT was 1980 my GPA is 4.2 weighted and 3.9 unweighted.
@abinator at this point, your dad just needs to get his 2015 taxes done ASAP after February 1 when he should have all of his documents to do so. Once the taxes are complete, you go back into your FAFSA, and make changes to accurately reflect the numbers on your 2015 income tax return. Then you change your filing status to “taxes completed” and resubmit.
2-3 weeks after completing your taxes, you can link to the IRS Data Retreival tool. If you want to, your family can submit their taxes…and then wait those couple of weeks. Then log into the FAFSA, and link to the DRT. It will import the numbers accurately from your taxes to your FAFSA.
Once it’s been processed, it can be revised. You and your father should go through it again together and check to see if all the numbers are in the right place and mean what they’re supposed to mean. What are your parents able to contribute, and what schools are possible?
and in the meantime, is this correct?
Also, do these conditions (for the simplified needs test or Auto-EFC 0) apply to you? https://www.edvisors.com/fafsa/eligibility/simplified-needs-test/
If you have an idea of what your dad filled out (family income, size) or what your family situation is, people can help you figure out if 5682 sounds in the right ballpark or not.
Do you live with your father or mother?
Your dad’s income is too high for much/any Pell Grant. How many people in your dad’s household? Has he remarried? if so, does his wife have any income?
Did you apply to any schools that will give you a large merit scholarship for your ACT 31?
In the past 12 months, did you spend more nights at your mom’s place or your dad’s?
Where did you apply to college?
What is your home state?
You can’t change the assets reported once the FAFSA has been submitted.
You posted this in September…is it still true?
Let’s say your parent income is $90,000 a year. If that is the case, your EFC would be FAR FAR above $5682.
But let’s say that is accurate. That amount will be expected to be paid by your family. You will not receive need based aid to cover your family contribution…at all. So even at UNC or UVA, you would be expected to pay that $5682 amount. Oh…and UVA and UNC both require the CSS Profile while delves into your family finances in far more detail than the FAFSA.
The other schools don’t meet full need. You would be expected to pay AT LEAST what your FAFSA EFC states.
You got some good advice back in September…did you read those replies?
http://talk.collegeconfidential.com/college-search-selection/1814333-best-financial-aid-schools-p3.html
The parental income is around 90,000 and we have a family of four, and I am the only student in college. I have a very small income, around $100 a month. I’m not sure the exact amount my parents can contribute, but it is almost completely up to me, they’ll probably be able to contribute around $1000 a year, if that. I applied to UNC and Vanderbilt (reaches because of their financial aid), University of South Carolina, UMBC, Richmond, and Alabama. Neither of those conditions apply as we have a decent income, but extremely high levels of debt.
Which school is your financial safety?
I’m going to stick my neck out here. With a family of four, one in college, and an income of $90,000, your EFC should be FAR above $5682. Far above that amount.
It sounds to me like your dad might have entered information on the low side. Either that…or his income isn’t nearly that high.
Your consumer debt will not be considered by the colleges.
I can’t see how any of these schools will be affordable for you…you will get a $5500 Direct Loan, and that’s it guaranteed at USC, UMBC.
You will need to complete the Profile for UNC, Richmond and Vandy…all reaches. All meet full need…but it’s going to be as they ca,curate it to be.
Did you apply to Alabama before December 15th? Did you receive any merit miney from them?
Any chance your family owns a business, are your parents self employed, do you own rental properties?
The parents are divorced.
Maybe dad filled it out incorrectly with his $60k income but kiddo lives more with mom who earns $30k.
That means your EFC is probably accurate, or maybe even a little low. Check though it anyways, but you’re not eligible for other grants because the FAFSA formula assumes no debt, and that EFC is paid out of past savings, present income, and future savings. Almost all schools (including UNC and Vandy, even if they meet full neet) will expect at least $6k, if not more. This is in addition to the $5.5k of loans that will probably be packaged, which means that if your parents are unable to contribute anything, you might be looking at $11k of loans a year (and that’s at a full meet-need school).
Additionally, anecdotally, OOS Carolina aid is not great. I think my package (as an OOS student who also received some merit consideration) included my family contribution, but also packaged parent PLUS loans, the Stafford Direct loans, and additional Perkins loans, though it ‘met need.’ If you’re in-state, that’s a different story.
Are you eligible for merit money at Alabama? Do you have any financial safeties (schools with guarenteed merit that you’d qualify for)?