If you have an EFC of 0 and got accepted to a private university how much will financial aid pay ?

Question

If you have an EFC of 0 and got accepted to a private university how much will financial aid pay of your tuition?

Answer 1

The Dept of Ed won't give you more money because you choose to attend an expensive private school.  The Pell grant and maximum loan amounts are the same regardless of the "type" of school.  (Which is why community colleges are so popular.)  Hopefully your private school will make up the difference in scholarships but make sure it's for all 4  years you attend.  You don't want to go one or two years and then have to drop out after its too late for you to transfer to a state school and many of your credits won't count.  

A full Pell grant for the year is 4,731.00.  Maximum Stafford loan a year is 5,500 for a dependent freshman.  You migth get a Perkins loan, and a state grant, but those depend on how soon after Jan 1st you did your fafsa.  Your parents will prob be offered a PLUS loan to make up the difference.  Hopefully they are willing, and can afford it... for the next 4 years!!!

Good luck.