Will I get enough financial aid if my EFC is 00878?

Question

I am a part-time married student with two children we only made about 30,000+ last year and I am not sure that I will get enough finanical aid to cover full-time tution ($23,500 per year). Can anyone help my understand what this will mean?

Answer 1

If you are going to a state school, then yes.  However, private schools don't care about your EFC as much and some dont give nearly enough financial aid.

Answer 2

EFC translates to Estimated Family Contribution, and is one of the most misnamed terms in Financial Aid.  A previous poster said this is how much you would have to contribute to your education - and it could not be further from the truth.  

EFC serves two purposes for federal aid.  It determines Pell grant eligibility (which you are eligible for), and it allows the Financial Aid office to package your remaining awards up to your cost of attendance.  If anything it serves as sort of a scale for where you fall on the need-based chart in relation to other filers.  

It does not mean you will only pay $878 for college.  Depending on the school you are attending and awards you are eligible for you will end up paying a lot more for college.  If not, tell me where you are attending so I can send my kids there.  lol

You will likely be eligible for at least some Pell money, and Stafford loans.  You may qualify for other types of aid, but you are best served by speaking to your financial aid office about this instead of the Yahoo community at large.

Answer 3

if you go to a private school and the school isn't giving you any scholarships, prob not.  The max you can borrow in federal aid is not enough to cover 23,500 even with the 4000K in Pell grant you will likely get. (providing you don't have a Bachelor's degree already).

I'd suggest find a cheaper school.

Answer 4

If your EFC is 00878 then that means that youre ESTIMATED FAMILY CONTRIBUTION (EFC) is only $878-- which means that you are only expected to contribute $878 to your college expenses. This is very good and sounds promising. Your financial aid office will have to find out where they can get the rest from. Just stay in contact with them and make sure you make them aware of your financial situations.

Good Luck!