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I had no help from my parents, my mom tossed me her w-2 and made me do the FAFSA by myself and I applied to 5 schools, including schools like NYU. I did okay without any help.
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<p>I think that one of the disconnects is with low income students is while some research the school, they may not do a good enough job or getting enough help when it comes to researching financial aid at their schools and neglecting to include a financial safety (meaning should you be admitted, the school is a financially feasible option).</p>
<p>From many of the posts that I have read, some students think that if they have a zero or low EFC that it is all good because they will essentially get a free ride when this statement is not close to being remotely true. </p>
<p>Keep in mind that the only thing the FAFSA does is qualify you for federal aid (pell, stafford loans, perkins loans, SEOG -if the school has the funds available). </p>
<p>With your zero EFC, the only thing that you would be "guaranteed" would be federal aid:</p>
<p>pell grants max is $4050</p>
<p>SEOG ( based on if the school has monies available)</p>
<p>Subsidized stafford loan of 3500 (as a freshman)</p>
<p>A perkins loan of 4000 (if the school deems you to have a great need)</p>
<p>federal work study</p>
<p>an academic competitiveness grant of $750</p>
<p>another 4000 (unsubsidized stafford loan) if your parents are not eligible for a PLUS loan.</p>
<p>Depending on where you live (for example if you live in NYS you would be eligible for the maximum TAP award, if you are a California resident, you would be eligible for a Cal grant or state aid, from what ever state that you reside in.</p>
<p>Let’s say I am an out of state student applying to NYU and I have a “0” EFC. Should she be admitted to NYU the gap in financial aid could be huge especially at a school like Tisch where the cost of attendance is breathing on about $50,000 per year.</p>
<p>Even with getting the maximum federal monies, I am only at $16,300 (and $11,500 of this is loans for the first year). Should NYU give me their top scholarship of 25,000 (unlikely as VERY FEW are given) I would be at $41300 and have a gap of about 8000 (how would you make this money up as having a zero EFC does not put me a good position to take out money without a co-signer as my parents may not be credit worthy or have the income/assets needed to take a personal loan (Individual mileage may vary if I was a NYS student and HEOP eligible).</p>
<p>Most schools that accept the FAFSA only, do not meet 100% of demonstrated need meaning that they gap (you must fill this gap the best way you can</p>
<p>Most of the schools that meet 100% demonstrated need that are heavy on grant aid or have no loan initiatives for low income students are still amongst the most competitive as far as gaining admission. </p>
<p>Even once you have gain admission, there is still a self help component (student contribution from summer earnings, work study) and start up monies need to go on your way (monies, to set up your room, purchase books, computers (your home computer may not be a viable match for the type of system required by your school), school supplies, etc.). If you have used all of your monies, just to get to school, you could go for weeks without books until you get your work-study check (see thread on class divide).</p>