<p>I'm a 5th year student in college and I still don't get the financial aid system :-/</p>
<p>Anyway. I remember reading that financial need at a FAFSA-only school is:</p>
<p>Cost of Attendance - Expected Family Contribution.</p>
<p>So my COA is $16,546 and my EFC is 2273. That makes my financial need to be $14,273.</p>
<p>So does that mean I can only receive up to $14,273 in ** need-based aid? **.</p>
<p>I ask because I was awarded $14,000 in grants and a Sub. Stafford loan ($5500). I was also given a $2000 unsub. Stafford loan, making the entire aid package worth $16,000. I will add that I have not accepted the loans.</p>
<p>Am I receiving too much aid? The person I spoke to on the phone from the school's Financial Aid Office yesterday said I was fine and my aid was NOT being reduced. I would call again but the office closes one day a week for financial aid processing.</p>
<p>What it means is that you cannot get federal aid such as Perkins and subsidized Stafford loans for more than $14273, and that if the school or other source gives you scholarships, the whole kit and kaboodle cannot be for more than $14273 with such federal funds involved. ANYONE who qualifies for federal financial aid through FAFAS is entitled to non subsidized Stafford loans up to the threshholds indicated for year of college status. So that $2000 unsubsidized Stafford loan you got does not count towards your financial aid since nearly anyone, even if without any need can get those loans on an unsubsidized basis. Your aid is $14K. </p>
<p>Also PELL is somehow, never reduced, even if you get outside money that takes you over the threshholds, because it is an entitlement up to the COA of the school. If you get $5K in PELL and your COA is $10K and you get a $10K merit award, you still get to keep the PELL and that outside award unless it has restrictions. In a case like that , kids make money going to college.</p>