My fafsa application was sent to me, and it states I have an EFC of 1095. ?

Question

Can anyone give me an estimated amount I may be eligible to recieve? I know the lower your EFC the more money you are likely to get back, but how do i know if this number is low?

Answer 1

Without having all the details of your FAFSA (income, assets, filing status etc), no one person can realistically tell you how much money you're likely to get in financial aid.  The EFC is what is termed "expected family contribution", and although it says $1095, that doesn't mean your family will pay all of that.  

For more info on what the EFC is, and additional details, go to:

http://fafsa.ed.gov

click on FAQ's, then "Definitions"

once there, go to "What is my EFC", then click on EFC Formula

once on that page, go down to "The EFC Formula" 2008-2009 PDF

or just click here: http://studentaid.ed.gov/students/attach...

Although your family may be expected to contribute $1095.00, it depends on what you qualify for in grants, work-study grants, what the tuition is at your school, what your status will be in school.

Good luck, and hope this helps!

Answer 2

Your EFC of 1095 is low; it means your family is expected to pay $1,095 toward your college expenses next year.

You are eligible for grants and loans from the U.S. Dept. of Education (FAFSA money), your home state's government, and your college to cover the remainder of your costs after you pay $1,095.  It doesn't mean you'll receive money to cover these costs, only that you are eligible to receive money.

Your college will take you EFC and will send you a financial aid award letter in late March or early April that will outline all the financial aid being offered to you from all government and college sources.

By completing the FAFSA, you have automatically applied for federal government financial aid awards. Federal grants include the Pell, FSEOG and Academic Competitive Grants, and Federal Work Study (on-campus job). Many states also consider your FAFSA form an application for State Grants.

Also, by completing the FAFSA you also have applied for Federal government low-interest loans (you don't have to accept the loans if you are offered them). Federal government loans include the Perkins, Stafford (subsidized and unsubsidized Stafford loans) and PLUS loans (PLUS loans are Parent Loans for Undergraduate Students).

Hope this helps.  Good luck!