<p>This is our first child off to college, and I just did my FAFSA yesterday. OH, I'm posting here, because he hopes to go to JMU - hope this is ok. So, now that it calculated our EFC, what does that really mean and when will we hear back from any aid offered?</p>
<p>I’m not entirely sure as my mom just completed my FAFSA, but after the FAFSA is processed you should see your son’s SAR. I’m kind of trying to figure out when they’ll send out any financial package, but from what I’ve seen they send it with the acceptance letter.
Also, you can go to the JMU website and there is an aid estimator, which gives a rough estimate of what type of aid you’re looking at. You just enter your EFC and any amount in scholarships received!
Good luck, I’m the first child in my family to go to college too!</p>
<p>Much of your son’s financial aid package will depend if he’s instate or not. If he’s already accepted you should receive something soon. If he’s waiting on admissions decison, expect your financial aid letter to come a few days after the admissions.</p>
<p>My son is IN STATE and waiting on RD. I have just never done FAFSA or anything as he is my first child. I saw my EFC figure once I submitted the FAFSA form. So is this figure pretty accurate in what we’ll pay, or just means college, loans and ourselves will have to come up with the part inbetween the tuition minus our EFC?</p>
<p>The EFC isn’t exactly something you should expect to pay, it’s more of a figure for the colleges to look at what you would be ABLE to pay.
So when they get the financial package ready they will keep your family’s EFC in mind.
You will get the money from FAFSA, and the college will award other grants and scholarships as they see fit to whoever needs it, then you would pick up loans from there.
In some cases students have had full need met with scholarships, grants, and small loans.
It just all depends on what is available and what your child is eligible for!</p>
<p>Also, any merit scholarship, is not a part of the EFC equation. Even with a high EFC, many well qualified students receive aid in the form of grants due to high stats, etc.</p>