EFC question?

Question

If my yearly tuition is 26,790 and my EFC is 22,437, then will I only receive 4,353 for my aid?

And for Stafford Loans, can I apply anytime?

Answer 1

your efc is your expected family contribution. the higher the # means the less grants or need based financial aid you are eligible for. your efc is pretty high so you will probably have to resort to loans. your efc is not subtracted from your efc for you to determine how much you will be eligible for. financial aid is truly for needy people who can not afford to pay for an education out of pocket. with the amount of your efc, you are far from needy. you will get an award letter or you will check the status at your schools financial aid website telling you what you are eligible for which would be loans and they may offer work study. people with a efc of 0, usually have no ou tof pocket costs because they receive pell grants, map awards, seog etc.

Answer 2

To apply for Stafford loans you go to http://fafsa.ed.gov

They have a fixed rate of 6.8 percent.  The max you will be allowed to borrow will depend on your dependency status and your grade level.  You do not need a cosigner and will not be required to pass a credit check.  Yes, you can apply at any time, but I would do it as soon as possible unless you have the cash to pay for your tuition before classes start.  

Re: the receiving only 4353 question... this is not how EFC is calculated.  Your school's cost of attendance is much, more than just tuition.  It also includes living expenses, room and board, misc and other.  So in theory, you COULD get more than 4353... but Stafford loans have limits on them.  (see below)

Dependent freshman can borrow up to 3,500 a year.

Soph up to 4,500 a year.

Juniors and Seniors 5,500 a year

Hope it helps.