<p>We can file the fafsa with 2007 taxes, assuming our income hasn't changed very much, and then edit it when our 2008 taxes are finished.</p>
<p>?</p>
<p>Yes...you will file your fafsa using the "will file" status meaning that you will file your taxes but have not yet done so. Then complete your taxes ASAP and amend..changing the status to "filed".</p>
<p>So once we put in all the 2007 information, it will return a SAR to me and submit my info to my schools.</p>
<p>Once we file for 2008, sometime in mid february, we then change the FAFSA, and the awards will change as necessary from the schools.</p>
<p>Sorry to bother, my family is quite new to this :P</p>
<p>Most schools don't send their awards out so early. </p>
<p>BUT if you do get a financial aid award based on estimates for 2008...that financial aid award will also be an estimate. It won't be finalized until you amend your fafsa to reflect the info on your 2008 taxes.</p>
<p>Thanks!</p>
<p>So we just filed the fafsa, and I was awarded an EFC of 3220</p>
<p>What can I expect from this?</p>
<p>Thanks!</p>
<p>So we just filed the fafsa, and I was awarded an EFC of 3220</p>
<p>What can I expect from this?</p>
<p>The EFC is the amount you are expected to contribute to your child's tuition. When Financial Aid Dept starts the award process, they will begin with the Cost of Attendance figure (tuition, fees, housing, meals etc) then deduct the EFC, which will result an Unmet Need figure. They will fund (award)you based on that figure. After each award is made, it us subtracted from the unmet need figure. Many institutions will fund to 100% of need-meaning until that figure reaches 0.</p>
<p>You have a low EFC so you will hopefully receive some decent financial aid.</p>
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<blockquote> <p>Many institutions will fund to 100% of need-meaning until that figure reaches 0.>></p> </blockquote>
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<p>Actually "many" is a bit of an exaggeration. It would be more realistic to say "some schools meet 100% of your need but most do not."</p>
<p>Your EFC is the amount that the FAFSA calculation says your family will minimally contribute. Some schools do meet your full need beyond that, but MOST do not. In addition, if you are applying to those schools that meet full need, the majority of them also require the completion of the CSS Profile as a financial aid application.</p>
<p>The EFC on the FAFSA is used primarily to compute federally funded need based financial aid. The maximum federal financial aid award will not cover the costs of attending a four year college including room and board. Some schools also use the FAFSA as the basis for awarding their own institutional aid as well which would be in addition to federal funds.</p>
<p>You need to check EACH SCHOOL to which you are applying to see their financial aid policies with regard to meeting full need....or not.</p>