<p>What is considered "Full Financial Aid." I've heard many different answers. I've seen that the maximum is 5,500 per student per year, and I've heard that FA can cover almost everything if you need it. Which is true? Are there other ways to get financial aid if 5,500 is the most you can get? Thanks.</p>
<p>The max. Federal Pell grant is $5550. The max. amount is award to the student with 0 EFC.</p>
<p>A few schools, using their own money, can offer full ride to a few students.</p>
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To start, you need to file any financial aid forms that are required by schools.</p>
<p>The maximum amount of financial aid you can usually get is your Cost of Attendance (COA) covered. It is possible to get more than that with outside awards. Most schools and most federal aid will not permit a student to get more than COA and that includes loans such as PLUS and Staffords. So it depends upon the cost of the school you end up attending as to what the maximum dollar amount of financial aid you can get. Any aid that is over the cost of tuition, fees, books and supplies is considered taxable income if you get enough money in a year to get within a taxable bracket. </p>
<p>When you are talking about federal aid, when you and your parents complete FAFSA, if you Expected Family Contribution (EFC) is below a certain threshhold you are eligible for gevernment PELL grant. A zero EFC can result in a $5550 PELL, Students can borrow up to $5500 freshmen year through Stafford loans, and if their parent gets turned down by PLUS, can borrow an additional $4000 that first year. Again these numbers can be limited by COA of the school the student is attending.</p>