Omg, what is Federal Pell Grant?

Question

Hello, I'm going back to school this fall, and I know that I should have file my fafsa before, but something came up and I decided to go back to school this fall. Anyways, I did my fafsa online, and it said that I'm not eligible for the Federal Pell Grant...what does that mean?

Sorry, this is my first time to ever apply for fafsa. My estimated Expected Family Contribution (EFC) is: 12408

what does that mean?

I'm married, only 21 years old, and my husband and I made 45k total. Well, I don't work, my husband does. This will be my first time going to college...

I just want free money to pay for my college, heck who doesn't want free money for college...anyways please help me. Thank you.

Also I know that I have to wait for 3-4 days until they proccess my fafsa. But what happens if I don't get any money for school? Does that mean I have to pay it with my own money? Please give me some advice on what to do....

Answer 1

Okay calm down. .. :)  They will explain everything to you when they give you your award letter.  You will probably have to sit through an online twenty minute video describing the whole process and what you will have to pay back, etc.

EFC - Expected Family Contribution - How much they expect you to contribute to your college financially.  They don't necessarily expect this to come out of your pocket.  

Pell Grant - Free money from the government.  Stipulations are you make next to nothing as a family based on your EFC.  (Yours is going to be too high and you've applied too late.  The money is gone by now.)  

Subsidized Loans will likely be offered.  These are loans to be paid back after graduation.  The interest does NOT accumulate on these loans.

UNsubsidized loans may also be offered.  These are not paid back until after gradauation either.  HOWEVER, interest  does accumulate during school.  Mine is less than $40 each quarter.  You don't have to pay it, but if you don't it means you are compounding the interest.  OUCH!!