<p>What does an EFC of 700 mean and can anyone give me an estimate of how much I'm going to have to pay in school? Is this a percent of what I have to pay ?</p>
<p>Thanks.</p>
<p>It means that your family (IN THEORY) is expected to contribute $700/year towards your education.</p>
<p>In reality, your financial aid offers will vary by school. </p>
<p>Some schools will give you more loans than others as part of your financial aid package. (In other words, you'll end up paying those loans back, where as schools that give you grants or scholarships are giving you money you do not have to pay back.) </p>
<p>Also, some schools do not meet 100% of "need" - "need" is the difference between your $700 and the cost of attendance (not what you think you need).</p>
<p>To expand on the above, having a low EFC can mean paying a very low price ($700) at need blind schools that meet 100% of your need. Unfortunately, there are few such school and most that are will be the ones that are highly competitive.</p>
<p>Having a low EFC means choosing colleges very carefully so you end up with choices you can afford.</p>
<p>You might want to post your stats on the parents board to get ideas of colleges to apply to.</p>
<p>My Ds EFC is similar. At her State flagship U her full need was met by federal grants (Pell and ACG - ACG you have to qualify for Pell plus meet the 'rigorous high school program' criteria for your State), a State grant, Work Study and loans (hers were all subsidised). Thankfully she had some good merit aid which covered over half her costs so reduced the loans considerably. You may also be eligible for a SEOG grant which is given to students with the most need - but the schools are given limited SEOG funds and they decide who gets them - my D did not despite the low EFC.</p>
<p>It means that you need a lot of money to go to college. As a result, you need to check out colleges' financial aid policies and availabilty before bothering to apply.</p>
<p>You have a lot of need, and there are many colleges that do not meet full need, or do that by loading up students with as much as $30,000 a year in loans, which is to heavy a load to carry (The average college student takes out about $20 k in loans to cover all of their college education).</p>
<p>It is very worth it to pay $15 to access the U.S. News Premium college site because that gives detailed financial aid info on virtually all colleges in the country, saying what percentage of students get aid, how much debt students carry, and what percentage of the aid is in loans.</p>
<p>Do NOT apply ED because that will virtually lock you into a college that may not be your best financial option. Do NOT fall in love with any college until you determine that if you get in, the college is likely to meet your financial need in a way that you can handle. </p>
<p>Realize that your best college option probably is in-state publics. With your financial need, it would not be reasonable to be looking at faraway colleges where you'd have to pay transportation costs and may need new clothes because of climate differences.</p>
<p>Apply early to your state schools, which probably are rolling admission. Typically with state schools, financial aid is limited and may be given out on a first come, first served basis.</p>
<p>You probably shouldn't bother applying to out of state publics because usually they reserve their financial aid for residents of their states.</p>
<p>Haunt your GC's office to learn about local scholarships and apply for anything you may qualify for.</p>