<p>What exactly does it means that my efc is 3230, plus a federal pell grant of$2300, an academic competitiveness grant for up to $750, etc.?</p>
<p>If my total college costs are approximately 48,000</p>
<p>how much (approx.) am i going to get</p>
<p>No one knows. If the school meets 100% of need, everything but the student’s expected contribution would be covered. But few schools meet need and those that do don’t just use FAFSA EFC. Schools that don’t meet need (most) could give you anywhere between zero and your full need.</p>
<p>What school is it? Does it also require css profile?</p>
<p>For anyone here to help you should put down any offer you received from the school, in detail.</p>
<p>adaidy-
Your EFC works like this: Your $3230 is subtracted from the cost of attending($48000). The difference ($44770) is called your “financial need”. The college will look at your financial need and come up with a package of aid, called an award letter, that will consist of grants/scholarships (gift aid), and loans and work-study (self help aid). The percentages of gift aid vs. self help aid varies widely. Colleges fulfill the financial need of students with packages ranging from 100% (grants, scholarships, loans and work study) to about 30%. The FAFSA form is used by all colleges across the US as a starting point to determine your financial need. You’ve obviously completed this form as you have shared your EFC with us, a number only derived by completing a FAFSA. The CSS Priofile is used by about 300 colleges across the US and coupled with the FAFSA, come up with their own EFC, which you will not see.
I hope that helps. The college’s award letter is the next thing you’re waiting for.
Good Luck!</p>
<p>adaidy</p>
<p>As you have not shared the name of the school, please be aware that school could expect you will take a lot of loans rather than give you grants/scholarships. Grants/scholarships do not have to be paid back, loans have to be paid back with interest. Are you a High School senior who is waiting for the award letter or are you a High School junior trying to be ahead of the game?</p>
<p>If you are a senior it is a little late in the game so that you better get the school to hurry up and make sure you have some back up options in case the aid is not good. If you are HS junior, it is good to start thinking ahead and look at other schools also.</p>
<p>Bottom line it means that you can probably afford a local college living at home or a CC in that the federal aid + summer work and a part-time job will be close to covering your tuition and books. After that you will need to do much research. Not all colleges will “meet your need” without family money contributions and student contributions. Educate yourself by taking the time to read through the top couple threads on the financial aid forum. Clearly if you “know” your college costs are going to be around $48,000 a year you have a college or a few colleges in mind. Make sure you read every word on their financial aid website and understand what is being said. Do not limit your applications to only private colleges, make sure you have a few state colleges/unis where the financial aid is generally more cut and dried. Do understand that many private colleges expect financial information from both biological parents (if you are in a situation where your biological parents are no longer married.) EFC is calulated only from the custodial parent. Some colleges will give you an “early read” on your financial aid if you speak with the financial aid office or admissions. You will need to really do your homework when you have a lower income situation. Your GPA and standardized test scores will also come into play and your chances of getting your tuition discounted through grants and scholarships will increase if you are in the top deciles for incoming freshman so do take that into consideration.</p>
<p>Are you going to college this upcoming school year? If so I am surprised you do not already have a FA award. If you are trying to figure out finances in advance for next year then the ACG will not be part of the package as 2010-2011 is the last year for the ACG (and the SMART). </p>
<p>With a school that expensive your aid will depend very much on the school. Federal aid including maximum student loans will nowhere near cover the cost of a $48,000 school (it does not even cover the cost of most instate 4 year schools). So how much you get will depend on whether the school offers it’s own institutional aid and whether they promise to met full need, and then whether they promise to meet full need without loans. most schools that promise to meet full need without loans also require CSSprofile in addition to FAFSA. They base their institutional aid on CSS which takes into account more information than FAFSA does (for instance if your parents are divorced they may require non custodial financial information, some assets not reported in FAFSA may be required by CSS etc).</p>
<p>So really you need to check out the policies of the school you are interested in.</p>
<p>Your EFC just guarantees you a Pell grant at certain levels. The rest is entirely up to where you go to college. Some colleges will require additional information and come up with their own definition of need. They may or may not meet that figure; usually they don’t. There are very few colleges that guarantee to meet 100% of need even by their own definition. I don’t know a single one that guarantees to meet your need as determined by FAFSA.</p>
<p>Right now, you are guaranteed the Pell grant and the Stafford loan maximum for a freshman with a portion of the loan subsidized. If your school participates in other government programs, you may get some money from them. Programs such as Seogh, Perkins, Smart come to mind. But none of these are guaranteed at all school. They are specific to those schools that participate in those programs and if they have enough of those funds to offer some to you. The same goes with work study money. Also if your state has some scholarship/loan programs for college, you may be eligible for something there.</p>
<p>The college may or may not give you grant money from their own coffers. They may offer you loans. They may refer your parents to PLUS for them to take out a loan for you. If they are denied, you can get about $4000 more in Stafford loans yourself. </p>
<p>A college might have merit money that it gives to you, as well. You may also get outside scholarships. Once you are notified of all the loans, grants, scholarships, work study money that you are getting, if there is a gap between the cost and what you have been offered, you have to find the money somewhere yourself. The college financial aid office may have be able to give you some ideas as to where you can get more loans. Otherwise, you and your family have to come up with that money somewhere, somehow.</p>
<p>Since the student hasn’t come back to this thread, I wonder if she’s received her award in the mail.</p>
<p>Mom2collegekids, that was a curious thread. The OP knew her EFC, her college costs.Pell amount and another grant so s/he must have gotten some financial aid. But late to have no idea what an EFC is, how it works.</p>
<p>^^^</p>
<p>Yes, I wonder if she had actually gotten her award (which is why she knew Pell and ACG amounts), but perhaps the school doesn’t have any other money to give, and she didn’t realize that so she was wondering what else she would get.</p>
<p>I think Pell and ACG eligibility show up on the SAR so she may not have an actual award yet.</p>