<p>I am looking at UIUC and UMICH and am currently a high school junior. I meet the ward of the court/independent status thing and thus have an EFC of 0 since I don't have a job. What exactly does this mean(i went to the gov site and did a practice fafsa)? Will i get a "free" ride since that is what some people of been telling me.</p>
<p>not necessarily. you might not be expected to pay out of your own pocket since you don't have a job, but your financial aid package most likely will require you to be involved in some kind of work-study program and to take out loans. also, if your school isn't need-blind or doesn't meet an average of 100% financial need, then the chances of you getting a full ride becomes even slimmer.</p>
<p>So the university doesn't have to meet the need?</p>
<p>No, it does not HAVE to do anything. A university can accept you and expect you take out loans, work summers, get work-study, etc.</p>
<p>My advice is to now look at the financial aid policies at the schools, which you have applied. Find out how much the average grant aid is and the average amount of debt students graduate with. Also start searching for outside scholarships because every little bit helps. Start now getting your resume together for your summer job or if you already have an after school job plan out a budget so that you can maximize your savings over the summer.
There are a lot of variables to be considered in the financial aid process so there are really no straightforward answers.</p>
<p>When looking at schools, you need to know the following about their financial aid policies;</p>
<p>Does your school meet 100% of your demonstrated need
What is the average financial aid package
What is the average amount of grant/scholarship aid
How much debt do undergraduates of this school carry
Does the school offer merit scholarships (I see you have been accepted to CMU, congratulations. are you eligible for merit $$)
Is the merit money based on maintaining a minimum GPA requirement</p>
<p>FAFSA :</p>
<p>FAFSA is the government form you need to complete before you can get any government aid. It gives you a data check--are you a criminal, do you owe the government money, have you registered for the draft, have you already gotten an undergrad degree, are you eligible for government money. It gives you your Expected Family Contribution, the EFC, which tells you, the schools, and any other aid agency what your family is expected to pay, given their financial circumstances. What individual schools do with that number is their own business. If your numbers jive, you can then get government loans, grants, work study, which though dispensed through the college, comes from the government. What you still need is up to the college and you to provide. FAFSA generates that first EFC number as a stepping-stone for a financial aid package. (Thank Jamimon for this piece if information)</p>
<p>Some schools may ask for the CSS profile other institutional forms to determine your financial need</p>
<p>A "0" EFC means different things to different schools. At a school that is need-aware or need-sensitive (they do look at your ability to pay) your having a huge financial need could work against you when having to choose between you and another candidate with equal qualifications.</p>
<p>Schools which are need blind no not look at your financial need in admissions decisions. However be aware that a school can be need blind but not meet 100% of your demonstrated financial need.</p>
<p>Pell Grant</p>
<p>The lower the EFC, the greater the students financial need. Thus, the neediest students will have an EFC of 0 and may be eligible for the maximum Pell award of $4050 if their cost of attendance is high enough and if they will be attending full time for a full academic year. As the EFC increases, the students need is less and so the amount of the award decreases; after the maximum EFC of 3850, eligibility for Pell funds becomes $0.</p>
<p>What is a Federal Supplemental Educational Opportunity Grant?</p>
<p>An FSEOG is for undergraduates with exceptional financial needthat is, students with the lowest EFCs and gives priority to students who receive Federal Pell Grants. An FSEOG doesnt have to be paid back.</p>
<p>Whats the difference between an SEOG and a Federal Pell Grant?</p>
<p>The U.S. Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. Theres no guarantee every eligible student will be able to receive an FSEOG; students at each school will be awarded these funds based on availability at that school.</p>
<p>How much money can I get?</p>
<p>You can receive between $100 and $4,000 a year, depending on when you apply, your need, the funding level of the school youre attending, and the policies of the financial aid office where you attend school.</p>
<p>How will I be paid?</p>
<p>Your school will credit your account, pay you directly (usually by check), or combine these methods. Schools must pay students at least once per term (semester, trimester, or quarter). Generally, schools that do not use traditional terms must pay you at least twice during the academic year.*</p>
<p>Financial aid scenarios
Your EFC will be based on your parents income (no matter how underpaid you think they are) In your case your EFC is 0</p>
<p>Your EFC takes into consideration, other siblings you have in college, private school tuition, assets etc. </p>
<p>There will also be a student contribution based on your income (working 30 hours per week)</p>
<h2>For example if you have a $10,000 EFC, based in where you attend your financial aid could look like any of the following 3 scenarios</h2>
<p>SCENARIO 1</p>
<p>Your financial aid will be calculated as follows </p>
<p>A school which meet 100% of your demonstrated need (and gives generous scholarship/grant aid, usually the ivies and elite LAC's) would calculate need as follows:</p>
<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school is $30,000 per year)</p>
<p>Minus</p>
<p>EFC (which comes from the FAFSA)+ Student Contribution (the amount of money you will contribute from your savings or summer earnings)</p>
<p>Equals</p>
<p>Demonstrated need</p>
<p>Using the concept of meeting 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>
<p>Cost of attendance (tuition, room, board, books, travel home, misc) 30,000</p>
<p>Expected Family Contribution (based on the FAFSA) 0
Student contribution 2000</p>
<p>Demonstrated Need 28,000</p>
<p>Your demonstrated need maybe be broken down as follows:</p>
<p>Subsidized Stafford Student loan 2500
Pell Grant 4050
SEOG (if applicable could be ) 4000
Work study 2000
Perkins loan 2500
School grant/scholarship 12,950</p>
<h2>Total aid package $28,000</h2>
<p>SCENARIO 2</p>
<p>If you were to attend a school that DOES NOT MEET 100% of your DEMONSTRATED NEED (or GAPS) NYU is a prime example:</p>
<p>NYU does not meet 100% of demonstrated need, a student with the same financials may get a package as follows:</p>
<p>Cost of attendance (tuition, room, board, books, travel home, misc) 30,000</p>
<p>Expected Family Contribution 0
Student contribution 2000</p>
<p>Financial need 28,000</p>
<p>NYU broken your aid package down as follows:</p>
<p>Student loan 2000
Work study 4000
Pell Grant 4050
SEOG (if applicable could be) 4000
School loan 9,950</p>
<p>Total aid Package 28,000</p>
<h2>NYU has left $4,000 of the $30,000 cost that you still need to attend NYU for one year still unaccounted for (gapping). You will have to come up with a way to get the rest of this money (outside scholarships, your parents taking out loans -if eligible).</h2>
<p>SCENARIO 3</p>
<p>School which meet 100% of your demonstrated need (and gives scholarship/grant aid along with loans) would calculate need as follows:</p>
<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school is $30,000 per year)</p>
<p>Minus</p>
<p>EFC (which comes from the FAFSA)+ Student Contribution (the amount of money you will contribute from your savings or summer earnings)</p>
<p>Equals</p>
<p>Demonstrated need</p>
<p>Using the concept of meeting 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>
<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>
<p>Expected Family Contribution (based on the FAFSA) 0
Student contribution 2000</p>
<p>Demonstrated Need 28,000</p>
<p>Your demonstrated need maybe be broken down as follows:</p>
<p>Subsidized Stafford Student loan 2500
Work study $2000
Perkins loan $2500
School grant/scholarship $7,000
unsubsidized Loan $14,000</p>
<p>Total aid package $28,000</p>
<p>Unless you are a truly stellar student or athlete in a sport which the school is interested in recruiting, remember at public Universities (UMich) their first priority it to keep education affordable to their own in-state residents leaving few funds available for out of state students unless you are a really stellar student or athlete.</p>
<p>I would also caution that very few sports outside of football and basketball offer many full ride scholarships at a school like Umich. And for a truly stellar out-of-state student, the tuition may be affordable, but you would still be expected to pay room and board. Either out-of-pocket or from loans.</p>
<p>there is a discussion on the parents forum about UMich financial aid</p>
<p>You mention that you are a ward of the court. If this means you have no family, you might be eligible for specific aid for students like yourself. In our state that is the case for students in the foster care system, for example. If you have a special circumstance like this, you might want to talk to your high school guidance counselor to find out if your state has any programs of this kind. Worth checking!!</p>
<p>Would loans be necessary even with an EFC of 0?</p>
<p>And if so, what schools (other than Princeton) have a no-loan policy?</p>
<p>Yes, loans are probably going to be necessary at almost any school you attend. While many schools have made strides (Harvard & Yale reduced the EFC to families making between $40,000-$60-000 yr, Brown adding extra grant to remeove the work-study commitment freshman year) Harvard, Williams may have reduced or very small loans but you are talking about really comptetive schools that are a crap shoot for every one who applies.</p>
<p>So please consider a combination of reach, match and safety school including a financially safety</p>
<p>
[quote]
So the university doesn't have to meet the need?
[/quote]
Just a FYI - loans and work study are considered part of meeting the need ... as Sybbie described different schools have very different pollicies about 1) what % of need they will meet and 2) what type of package of aid they will provide (grants, work-study, and loans).</p>