I just got a financial aid of EFC 7! Is that good?

Question

I just got my FAFSA results and said my EFC is 7. Through some research, I think that's good right, it means my Expected Family Contribution is $7. My single mom put that her gross income is $15000, because that's what's been reported. She has a business, not sure if she reports it or not. We might be audited again haha.

But am I gonna hit the jackpot with fin aid this year? Because these last 3 years they've been stingy haha! Plus my brother's going into college now. Oh, and I also put that I'm living off campus, which is most likely going to be the case.

So anyone have an estimate of how much I'm going to get?

Answer 1

IF and I mean IF all of the info is correct on your fafsa and you attend school full time and you meet about a MILLION other requirements you will likely get $4,681 (half in the fall and half in the spring) in Pell grants.  Does your EFC have an * asterisk after it?  

If it does, you are likely going to have to turn in those tax forms and also prove to the school your bother is also in college.  You will also be eligible for federal student loans as well and other federal grants, depending on how early you submitted your fafsa.

Good luck.

Answer 2

In addition to that other answer (which is totally right)....

you might not get that money. If you have a sibling entering college and they file a fafsa, they tend to get more of the money since the EFC is used on you. So his EFC might be zero and he would get more.