<p>Hi, i joined this forum because I learned alot reading some threads. I need help very much with how financial aid works. I need to know information from people who know how they calculate the financial aid award.</p>
<p>Ok my EFC is $4534 and the cost of attendence is going to be $19,737. How much do you think financial aid will give me. I need to know ASAP.</p>
<p>Please reply to this thread
Thanks in advance :)</p>
<p>it depends on the college. you can get a pretty good idea of how much aid different colleges will give you by searching them on collegeboard.com and looking at what percent of financial need is covered. rarely will you have to pay <em>significantly</em> more than your EFC though.</p>
<p>It's unfortunately not true that "rarely will you have to pay <em>significantly</em> more than your EFC though. " There is no magic formula to tell you what fin aid may be, it varies so widely by school. My D was gapped between 0-$15K, after student loans, with an efc of 0.</p>
<p>Did you get a merit scholarship for this school? With an EFC of $4534, you'd be eligible for a Pell grant of $976, and ACG of $750 if you qualify (based on your high school courses), and $5500 of Stafford loans. There is also state aid available, see link below for your state's education department for details or ask at school. Your college might also award you additional federal or institutional aid at their discretion. The best thing to do would be to look at your schools website and at the info for them on college board to get an idea of what the average percent of need met is.</p>
<p>This site has tons of information on all types of aid and has loan calculators to help you figure out how much debt is practical:
<a href="http://www.finaid.org/otheraid/%5B/url%5D">http://www.finaid.org/otheraid/</a></p>
<p>What is the name of your school?</p>
<p>You should be getting an estimated award letter soon. That is the only way to know for sure.</p>