Another EFC question?

Question

for the 2008/2009 term. My efc was 6500 now after sending in a letter of cirumstance, it went to 2100, for a family of three. I take it that most of my school should be paid for?

Answer 1

You would get a federal Pell grant in the amount of 2,681.00 (half in the fall and half in the spring) if you enroll full time and meet about a million other requirements like no bachelors degree, decent college GPA, no defaulted student loans, and lots of others.

You school may or may not be entirely paid for depending on the cost of your school and other aid you get.  Many folks get additonal state and federal grants, and even student loans to cover the costs.  If your school's tuition and fees (per semester) is less than 1340.00 then your school would be paid for easily.  If not, you will want to wait for an award letter from your school to see what else they offer you.  Don't take out a loan unless you need it.

Answer 2

Your EFC is used by the financial aid office of your school in order to establish your financial need.

An EFC of 2100 will automatically qualify you for a Pell grant, which is a gift of free money from the government. How much Pell grant money you will receive is now immediately dependent on the Cost of Attendance at your school, and whether you are registered as a half-time, three-quarter time, or full-time student. Cost of attendance includes tuition, books, fees, an allowance for room and board, some miscellaneous expenses and even a computer allowance.

The maximum available Pell grant with an EFC of 2100 looks like $2681 this year.  (The max under any circumstance is $4731).

A low EFC will also qualify you for subsidized Stafford loans. Subsidized loans are preferable to unsubsidized loans, because the federal government will pay all of the accruing interest on your loan balance until you complete your program (or drop out of school). That can conceivably save you several hundred dollars.

Because you are a married (and therefore independent) student, the maximum amount of Stafford loans available to you this year is somewhere between $9500 and $12,500, depending on whether you are a freshman, a sophomore, or a more advanced undergraduate.

(The maximum subsidized amount is $3500 to $5500 - the rest must be unsubsidized loans.)

Financial aid offices have other assistance programs available - you may be able to qualify for additional grants, scholarships, or a work-study program, which provides a part-time campus job that will help pay your expenses.

Unfortunately, few students find that financial aid covers their entire tab - with the cost of education, the schools do not have the money to fully fund all of the need amongst the student body. Instead, they do their best to disburse the available funds as fairly as possible, providing the greatest amount of assistance to the greatest number of students.

Only your financial aid office can tell you what you are eligible for on the basis of your 2100 EFC. In the near future, you should receive a financial aid offer, which will most likely include some combination of grants, loans and maybe scholarships and work study. You will be free to accept or reject any or all of the funds that you are offered. If you have any questions about your eligibility, the best resource is the financial aid office.

Good luck!

Answer 3

Depending on your state's grants most of your school expenses should be paid.  However, you could find yourself still needing to work a part-time job to make ends meet.