Do colleges give out there sort of Financial AID, or does it all come from federal/state?

Question

Basically what I am trying to ask is:

Lets say its going to cost $18,000 (books, room and board, food, etc.) for a full year at X college.

I have a state scholarship that is gives a total of $5,500.

Secondly, I qualify for the entire Pell Grant, which is $4,731.

And I also get state grant for $2,322.

Now that comes to an entire total of $12,553, which sadly enough, is not the $18,000 needed for school.

So what I want to know, will the school cover the rest based on my financial need (EFC of 0 remember) or will I need to take out a loan?

P.S. - if there is anything that isn't clear, I will be more than happy to elaborate.

Answer 1

Unless you qualify for a private scholarship through your school or community you would normally have to take out loans for the remainder of your balance.

Answer 2

Well, it really depends on your performance academically and/or talents. Colleges have all sorts of private scholarships, not to mention scholarships you can get from outside sources like churches etc. If you have really good grades, your college might offer what they call merit scholarships. So the higher your grades, the more money you might qualify for. Colleges also have need based scholarships, which based on your EFC, you should definitely get. If your school doesn't offer any of these (or if the funding's gone), you may have to take out a loan. If you do have to go for a loan, make sure you take out the full subsidized stafford. It's backed by the government and you don't have to pay interest until 6 months after you graduate!! Good Luck

Answer 3

Unless you apply for and are awarded their scholarships, no, you won't get anymore money and you're going to have to either get a loan or pay with your savings.

I'm in the exact same position (same EFC, same college cost) and I'm paying the rest out of pocket. But I only needed to pay about 3k.