Fasfa,EFC,clueless?? please help?

Question

alright guys just filled out my fasfa and my efc is 1963 i dont know what that means but can anyone tell me how its looking as far as getting aid to pay for school. no bachelors almost got my AA...fulltime and play sport dont know if that matters. but can someone please help me with anything as far as amount or if thats good or bad?

Answer 1

mine was 1863 and i got $3500 for a $13,500 school but i think it depends also on your school

Answer 2

Your EFC score can range from 0 to 9999 - a score of 1963 is relatively low, but obviously not rock bottom.

Now that your EFC has been determined, the financial aid office at your school will use that EFC score to determine what forms of aid you are eligible to receive (and in what amounts).

The only form of aid that is directly determinable from your EFC score is the Pell Grant - a score of 1963 is low enough to qualify for assistance from the Pell program. If you register as a full-time student at an eligible higher education program, you should receive a Pell Grant of $2781. That sum will be paid to your school in two equal checks of $1390.50, one for the fall semester and one for the spring.

A score of 1963 MAY qualify you for other forms of "need-based" aid, including the federal work-study program and possibly a Perkins or subsidized Stafford loan. At this point in the "financial aid year", however, the chances that Perkins and federal work-study money are still available aren't very good. Every state and university has a "priority aid deadline" that rolls around at least a month or two before school starts - some financial aid funds are limited, and those funds are only distributed to applicants who submit their FAFSAs well before the priority aid deadline.

The early FAFSA definitely gets the money when it comes to financial aid, so you should be absolutely determined to get next year's FAFSA in as early as possible.

It's also impossible to predict what kinds of additional funds are available from your state or your specific school - and whether any of those funds are still available this late in the process.

Your financial aid office will prepare an aid offer letter that will describe all of the assistance that you are eligible for. When you receive the letter, you can accept or reject all or part of the money that you are offered. Some schools are able to cover a good deal of a student's financial aid need - some schools only have the funds to cover a small fraction. If you are extremely dependent on financial aid, that should be a consideration when you select a school to attend.

Good luck to you - I hope this helped explain the process.