FAFSA, EFC is 4374..help?

Question

So, I am going to be 22. School starts on the 23rd (I am quite new to all of this, first time student), I just submitted my FAFSA(I figured almost a month ahead, I'm doing fine, nearly a month to make any corrections/do anything else), then I see the EFC is 4k...what's going to happen? I only put my mom's income, which is 40k, but we're still scraping by as is. I want to go to school full time, so I wasn't planning on working right away. Does this mean I can't get ANY financial aid? Is my only choice loans?

Answer 1

You won't likely be eligible for Pell grants, but you will qualify for federal Stafford loans.  You need to make sure you apply earlier in the year next  year.  Most schools priority deadlines are in Feb and march.  Applying 8 months before school starts is considered early in the world of fin aid... not 4 weeks.  The earlier you apply, the more likely you are to get aid.  Those who are just applying now won't likely get any state grants or school sponsored scholarships or grants either.

Good luck... next year... do your FAFSA by Valentine's day.  After Jan 1st and AFTER you and the folks do taxes.

Hope this helps!!! Good Luck.  Here is a good book about fin aid and the loan types and interest rates.

Answer 2

It depends on how expensive the school is.  If the tuition is above 4k, the school might pony up some dough.  I am assuming that you entered the school code on your FAFSA and the school will then send you a listing of what financial aid you are eligible for, whether they are loans, grants or scholarships.  But, yes, loans that you must pay back may be part of it.