<p>I know when I filed my FAFSA, that it asked if I wanted to be considered for loans and work-study programs. Of course, I checked yes, because I wanted whatever aid I could get. Grants are what everyone wants, because you don't have to pay them back or work for them, but i'm just wondering how much of typical aid packages grants consist of? My EFC turned out very low, so i'm likely to get a lot of aid at schools, and i'm wondering about what percent my aid will be met by.</p>
<p>it all depends on your EFC and the cost of attendance. Pell Grants will be a maximum of $4050 for the year and if your EFC is really, really low, you could get additional state and federal grants that might be good for another $1000-$2000. Additional free money would have to be in the form of scholarships or grants that are provided by the individual college from its endowment. Otherwise, you will be offered a package with subsidized and unsubsidized loans and work-study.</p>
<p>This is good if the school you want to attend is an affordable school, but without a big scholarship or private grant, an expensive school will require loans.</p>
<p>If only there were an easy way to know! It varies so much from college to college. My first son's packages ranged from one college that gave a need-based grant equal to tuition to another that gave out a package consisting mainly of huge loans. (He ended up attending the first college.)</p>
<p>With some colleges, it also depends upon when you apply, as we found out to our dismay last year. I know you applied early to IU, (And didn't you already get a scholarship from them?) so you may have a better chance at grants than my son, who applied in late November, I think it was, and didn't get any grants in the initial package. (He was later able to get a $4000 a year music scholarship.) Our EFC has also increased since our first son applied, so our need level is lower. (although that need was not met, even by the loans and work study offered)</p>
<p>So, there really IS no "typical aid package." You will probably just have to wait and see. Good luck!</p>
<p>Actually, there is a typical or average aid package, but it varies from school to school. This is indicated by the financial track record of the school you are applying to.</p>
<p>The track record is...
% of family need met on average
% of money awarded in grants and scholarships
% of money awarded in work-study and loans</p>
<p>This information can be found in the financial section of each school's profile at collegeboard.com</p>
<p>Suppose your EFC is $10,000 and you apply to three schools:
Enormous State University (ESU) averages 60% of need met and costs $17,000 per year
Northeast State of the Southwest (NSS) averages 80% of need met and costs $15,000 per year
Old General Private (OGP) averages 100% of need met and costs $36,000 per year</p>
<p>At ESU, your need is 17k - 10k = $7,000
At NSS, your need is 15k - 10k = $5,000
At OGP, your need is 36k - 10k = $26,000</p>
<p>Multiply the need by the school's track record to find out how much they give on average and get average out-of-pocket cost (OOP):
ESU: $7,000 * 60% = $4200 (OOP: 17k - 4200 = $12,800)
NSS: $5,000 * 80% = $4000 (OOP: 15k - 4k = $11,000)
OGP: $26,000 * 100% = $26,000 (OOP: 36k - 26k = $10,000)</p>
<p>Never never never never eliminate schools from application simply based upon their sticker price. It is the financial track records which most often dictate what you will pay at many colleges, not the sticker price.</p>
<p>wow -- great information!! I am printing this out and filing.</p>
<p>given on FA I've read on CC. I guess that when you are a professional, you should be better. Too bad ours is almost done with college and we are 100% EFC, else I'd buy your book. Don't give out too many of the secrets.</p>
<p>There's a lot more in there than besides what I talk about on the forums. Besides there's no way I can explain everything here.</p>
<p>We purchased a book similar to scottaa's (see his profile) a year or so before filing for financial aid, and found it invaluable. Spend a few bucks and spend a few hours reading and save yourself a ton of money on college.</p>
<p>Thanks a lot for the information. It's surprising that private schools offer that much aid to people. Schools that I thought I could never afford are now looking better. </p>
<p>I can't believe how low some publics aid are, and being out of state, it's unlikely i'm going to get my need filled at many of these publics. Will my need be filled 100% at in-state schools?</p>
<p>That was an EXCELLENT explanation of financial aid in a nutshell. It seems like farrrr too many people don't understand the concept of % need met altering the out of pocket cost. It may be hard to believe that Prestigious Private College can be easier on your wallet than State University. Many of my friends still don't believe me when I tell them that private LACs can be affordable!</p>
<p>Thanks for filling in everyone who didn't already understand :)</p>