<p>i am so very confused about how the federal aid and the school aid work.
under fafsa, my efc is about 20,000.
the finaid package that the school gave me is 30,000, and its full cost is about 50,000.
so......is my efc covered by the school's scholarship offer? and i don't have to pay...at all?
OR,
is the previous interpretation too good to be true, and i still have to pay 20,000?</p>
<p>IF the cost is $50,000 and they are only giving you $30,000…you have to find a way (loans) to pay the remaining $20,000. Is the $30k in university scholarships or grants or does it include Stafford and/or Parent PLUS loans?</p>
<p>It sounds like they have met your full need of $30,000 leaving you with your EFC of $20,000 to pay.</p>
<p>the 30K doesn’t include the loans~
so it’s basically up to me to meet the other 20K of cost?</p>
<p>Yes. You are generally expected to meet your EFC, often more. </p>
<p>What were you thinking the EFC meant? (not trying to be rude - it just sounds like you may have misunderstood what the EFC means).</p>
<p>i think i did~
haha~first college applicant in the family…don’t know too much about it~~</p>
<p>is there any other way that can help me lower my contribution?</p>
<p>"is there any other way that can help me lower my contribution? "</p>
<p>Not really. If the college/university has decided that your EFC is 20k, they don’t particularly care where you get it from, but you have to get it or you won’t be able to attend.</p>
<p>If you and your family cannot come up with this figure, you will have to find a cheaper school that you can actually afford. That’s why so many students end up at their in-state public universities, and at their local community colleges every single year.</p>
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<p>Go back through your FAFSA, line by line, and make sure that the correct info was entered on each line! I’ve seen FA people post that many errors affecting EFC’s are made. If something doesn’t look right - ie. parents assets include retirement funds or the value of the house you’re living in, parent info entered on a student line, etc. - double check and fix it!</p>
<p>Understand what affects EFC and looke for ways to (legally) reduce it next year! A good place to start is a book called “Paying For College Without Going Broke” which you can find on amazon or in the library. The financial aid process is not as mind-boggling as it first seems and you and/or your parents should have a working knowledge of it. It’s something that you’ll have to do for the whole time you’re in college anyway and knowing the right questions to ask might just save you alot of money!</p>
<p>Finally, if you have an special circumstance, like very high medical bills, parent laid off, etc. you can ask the school’s FA office to review the documentation and see if you qualify for a professional judgement. A simple “we don’t have the money” or having consumer debt won’t qualify but some people do have a particular reason to warrant having their EFC adjusted by the college.</p>
<p>Good luck!</p>
<p>thanks so much for the advice!</p>
<p>Jumping in here…</p>
<p>In this case if the OP were to get, say, $10,000 in outside scholarships (walmart, lowes, essay contests, etc) would that reduce the amount of the school grants of $30,000 to $20,000? Would the only way to start reducing the EFC be to get MORE than $30,000 in outside scholarships? And if this is the case, is it worth it to even try for these scholarships???</p>
<p>I’ve found that depends on the school and is definitely worth looking into. I got different answers on this from several of my D’s schools. Many schools seem to reduce the self -help/loan components first, then need based grants. I wouldn’t think merit aid would be hit unless the level of outside scholarship + merit would greatly exceed the COA, but they should refund the variable expense money (ie. books, etc.).</p>
<p>You can always decline an outside scholarship, and I’ve seen posts from several kids who did when they found out they were getting a full ride. Not applying before the ink is on the paper doesn’t seem to make sense to me.</p>