My efc is 2020? what does that mean?

Question

i am going to a college that will cost $28,105. my rent will be about $250 a month. i really need to know about how much i will have to pay after financial aid and pell grants.

Answer 1

The Finaidguy gives great advice, but he left out 1 thing. There are some colleges that do meet 100% of need which means that if you get in, they will cover everything except your EFC and the Federal monies you are awarded.

Unfortunately there are only a small number of colleges that meet need and most are the hardest to get into. All of the ivy lague school meet 100% of need and at several of those you will not have to borrow a dime.

Bottom line--if you're poor and really smart with great grades and scores, you're in luck. If not Finaidguy is right, you and your parents will be expected to borrow a ton of money.

Answer 2

I don't know about all of it, but I know your efc means expected family contribution, that is the amount that you are supposed to be able to pay if financial aid does not cover everything.

Answer 3

That mean that the government expects that you can afford to put out $2,020 towards your education up front this year.

This does not mean that you are going to get $26,000 in financial aid.

You will be eligible for some grants, but not the maximum amount.

If you took out the max Stafford loan at $3500

Got $3000 in grants, you still have quite a bit left that you have to find. I suspect your school will want you to do work-study and have your parents take out a PLUS loan.

Your school might have campus aid available for you and the state that you live in might also have some financial aid available for you.

College is very expensive and you are going to pay a lot of money to go.