<p>Hopefully someone can help me understand all this EFC business. I never really paid much attention to it in the past, since I knew I would get some aid regardless and I had tuition reimbursement from work. I was laid off two weeks ago and received acceptance to my top choice school on Thursday, and I'm hoping the loss of the job works out in my favor so I can go to school full time. But obviously, my EFC from the 2009-2010 FAFSA is based on my having been employed, so I don't know if I need to get in touch with my new financial aid office to tell them my situation has changed? </p>
<p>I pulled my SAR and my EFC is listed as 01579, that's for the entire 2009-2010 school year, correct? I've already been in school this semester at my CC and have received aid, so I'm guessing they take that into account for Spring? Is that a good enough EFC that I shouldn't worry too much about not being offered enough of a FA package, or should I still try to update my information in the hopes it will get me more aid? Any information is greatly appreciated!</p>
<p>sundoll…sorry, not enough information. Most of your aid for college will be determined by the SCHOOL’s policies on meeting need. First…you need to be sure that the college you are transferring to gives financial aid to transfer students. Second. You need to find out when you will receive your financial aid award. DO NOT ACCEPT AN ENROLLMENT UNTIL YOU ARE SURE YOU HAVE A WAY TO PAY THE BILLS.And EFC of $1500 would qualify you for the Pell grant but you probably got a portion of that for the fall semester. You would get the remainder for the spring. </p>
<p>Did you submit your FAFSA to the new college yet? Do so…ASAP if you haven’t already done so.</p>
<p>Now…regarding whether you’ll get sufficient aid…it all depends on your school. If the school doesn’t meet full need, they are under no obligation really to give you any financial aid above the Pell (if you are eligible) and the Stafford loans (which all students get if they complete the FAFSA). Without knowing the cost of your school, it’s hard to determine if that will cover your costs…or not.</p>
<p>You can’t ‘update’ your information on FAFSA. The 2009-2010 FAFSA is based on your actual 2008 income and your assets as of the day you originally filed FAFSA. You can’t change that. You can contact your new school and ask them if you can have a special circumstances adjustment to reflect the loss of job. But as the job loss has just happened it is possible that they will not be willing to make an adjustment for it at this time. But ask - the worst they can say is no. Likewise when you file for the 2010-2011 school year you will have to put your actual income earned in 2009 on FAFSA. You would have to ask the school about an adjustment to reflect the job loss. It is up to their discretion and policies whether they will do so.</p>
<p>Yes your EFC is for the entire 2009-2010 school year. Obviously you do need to go into FAFSA and add the school you will be transferring to. They will award aid based on the costs for the semester. Yes they will take into account any federal aid you have already received. Federal maximums are generally maximums for the year. For instance a dependent freshman is eligible for a maximum of $5500 in Stafford loans in a school year. If they get $2750 for the fall semester at school A, then school B can only award they at maximum the remaining amount they are eligible for for the year - $2750. Likewise with the Pell grant. If you got the Pell at your current school (I am estimating you got awarded around $3800 Pell for the year based on your EFC) then you would have got around $1800 for the current semester. Your new school should award you around $1800 for the spring semester.</p>
<p>I already sent the FAFSA to the school back in February knowing I would apply for transfer later in the year, so they have it and have indicated now that I have been accepted they are reviewing everything to prepare a package for me. When I accepted my financial aid this past fall, my CC FA officer indicated what I had been approved for could likely change once I transferred, because my new school would be able to submit for an increase on my behalf since my Pell was based on a much lower tuition rate and my part-time status. I received a Pell grant of $950 and a subsidized Stafford of $1750 for the fall. </p>
<p>If I take a full load of courses, my tuition for the spring semester will be a little over $4k, not including books. I live off-campus so won’t need housing, and I’ll be looking for a part-time job that is flexible with my school schedule, but some living expenses will likely be needed in addition to the school costs. I’m also a single-parent.</p>
<p>I knew that I couldn’t update it on the FAFSA, I was just trying to determine if I needed to contact the new office or if my EFC was low enough that I should still get some decent aid. Yes, they offer aid for transfer students - never would have applied there if they didn’t. I plan to apply for every scholarship that I can, internal or external, but a lot of those won’t be available until next fall so my primary concern is spring.</p>
<p>I would go ahead and contact them. The worst they can say is no.</p>
<p>I am guessing your Pell was that amount because you were half time? If you are going to be full time I would expect you to get double that spring semester. And you should also get the balance of your Stafford loan.</p>
<p>It sounds like you have a good chance of being mighty close to meeting that $4000 with the remainder of your Pell and the remainder of your Stafford loan. I agree…contact the school. There may be some way to help you out.</p>