I have a efc of 0?

Question

I have an efc of 0. I am not married and have 1 dependant. I will be going to a community college and am curious how much I can possibly recieve for financial aid. I know its just a guess but i'm just curious.

Answer 1

An EFC of zero will qualify you for the maximum amount of Pell Grant - for this year, that amount is $4731, which is paid in two installments, one in the fall and the other in the spring. That money is paid directly to the bursar's office at your university.

You will also be eligible for work-study. The government will pay part of your salary if you find a part-time job while you're in school.

You will receive the maximum amount of subsidized Stafford loans available - for this year, that amount is $3500. If you need more, you can qualify for an additional $2000 in unsubsidized Stafford lending.

You may qualify for additional grant money - that program is known as the FSEOG grant (Federal Supplemental Equal Opportunity Grant). There is no way to know how much you can get from that fund, because your school must split up its available funds amongst all the students who qualify.

Finally, you may be given a Perkins loan, which is an even cheaper form of subsidized loan than a Stafford. The annual fixed interest rate on a Perkins is 5%, versus 6% for the subsidized Stafford.

With the exception of the Stafford and Perkins loans, all of those grants and the work-study programs represent money that you are not required to repay.

I hope that's the info you were looking for. Your financial aid office will send you an award letter, letting you know which programs you have qualified for, and in what amounts.

Answer 2

Based upon my experience with FAFSA, the lower your efc, the better. You see, what you want to do is be in a position where you NEED the money. If they see that you have other sources of income (like a job, family, etc.) it could cut down on your availability of aid.

Of course, don't lie to try to get more money--definitely tell the truth, but the more your situation merits financial assistance, the better a position you will be.