<p>Hello all!
I have been be-bopping along just fine helping my daughter with all of the college stuff. Then we hit the FAFSA and I am totally confused. We filled it out fine but the EFC # and what it means is like a foreign language to me. Can someone please explain it in simple terms please!</p>
<p>Here is some info....AGI $72542.00, Tax $6504.00, 0 assets, 3 in family...... EFC = 12256 Sound right? Seems ridiculous since they ask nothing about your monthly expenses.</p>
<p>University my daughter wants to attend.....$28,000.00 for everything - non-resident.</p>
<p>So this is where I get lost and confused. Are we expected to pay 12256.00 out of pocket on top of loans that meet the difference between EFC and cost to attend the university?</p>
<p>Uuuuuggggg!!! I hope somebody can shed some light on this for me because we could never afford that!</p>
<p>12256 is the amount FAFSA says your family is capable of paying, the student loans are generally not for this amount, but are a component of your aid package. Some schools meet your need (28,000- 12,256) some schools ‘gap’ your need, giving you some grant aid, but not the full amount you need. </p>
<p>Loans are a part of the ‘aid’ offered to meet your need at most schools. If you want to check on your DDs school CC site, you might see some info on past packages, but people cannot tell you as much as you may like without knowing the school</p>
<p>The college should have a Net Price Calculator on its website that will give you an estimate of what the aid package will look like. These are new this year, so no one knows yet how accurate they are, but it will give you an idea.</p>
<p>The EFC is usually the minimum you pay out of pocket. Then the aid package that covers the rest will include loans.</p>
<p>Sometimes the aid package, including student loans, will not cover the rest. Then your are gapped and are expected to find your EFC + the amount of the gap.</p>
<p>This sounds like an OOS public? Is she competitive for merit aid there? If not, hopefully she has an in-state financial safety that she’s happy with. Most publics don’t have much in the way of institutional need-based aid to give and would award any they do have to those with lower EFC’s.</p>
<p>Yes that sounds about right. Expenses are NOT factored into the financial aid calculation. EVERYONE has housing, food, utilities, etc. That is a “given”. </p>
<p>
</p>
<p>If your child applied to an OOS public university, it is not likely she will receive sufficient aid to cover the difference between the cost of attendance and your EFC. In other words, you will very likely be paying close to the full amount…not just what the FAFSA EFC says. Your daughter will qualify for a $5500 Stafford loan in her name.</p>
<p>Is there any chance that your daughter applied to either schools with guaranteed merit aid for her stats (SAT scores/GPA)? Or to some schools within your state system that perhaps are less costly?</p>