Question : How and where do I find out how much my fafsa is paying?
I filed my fafsa a little over a week ago. I have no recieved anything in the mail nor have I recieved an email of any kind. My schooling will be roughly around $7,000. My EFC is 8375? What does this mean? Is that bad? Thanks!
- asked by Marissa
All Answers:
Answer #1
If it has been a week since you've sent in yourapplication, you should check with the financialaid office at your school to see the status ofyour application. Your school may requireadditional documents from you.Your EFC is theExpected Family Contribution, it stands for theamount you are expected to put in to youreducation. According to your EFC, you may receivesome grant, but not much. The most you can receivefrom the Pell Grant is $5,550 per year, and thatis if you have an EFC of 0. So with your high EFCscore, you may only receive a portion of the maxPell, if any at all. You will, however, qualifyfor federal student loans.Check with your school'sfinancial aid office for more information.
- answered by .
Answer #2
If you filed your FAFSA online in about 4-6 weeksyour SAR, student aid report will be ready. Youwill get an email to say it ready, also you canview this under #3 on the FAFSA home page
http://www.fafsa.ed.gov/This SAR will have a recapof your FAFSA which you should verify is correctand your EFC, estimated family contribution. YourEFC is the amount of money your family pays towardyou education. This is determined by the govtusing income, assets, number in family, people inhouse going to college. The govt will then sendthis SAR report to all the colleges you put on theFAFSA. The colleges will the use your EFC tocreate a federal aid award package for you. Mostpeople get a combination of the different types offederal aid which are these:
http://www.fafsa.ed.gov/what010.htm. Here is asample federal aid award:
http://www.collegeincolorado.org/Financial_Aid_Planning/Financial_Aid_101/Sample_Award_Letters.aspxSo you can see how that EFC factors in.You lookover the awards from the colleges as they will bedifferent and pick the ones with least loans toyou. So then you would accept admittance to theschool and then you accept and deny each type ofaid. We had to do this on the college account wewere given. My daughter applied Jan 1, startedschool 9-1 and on 8-25 her federal aid award wasdeposited directly into her college account (youget federal aid by semester not all at once). Theschool took out their charges for tuition, meals,housing and fees and the rest if any is refundedto the student by credit card or check dependingon the school for books, materials, etc. She gother refund 1 week after school started.
- answered by PETA
Answer #3
the second you hit the "SUBMIT" button on thefafsa website it would have given you an estimateof what you would get. Including your loanamounts. With an EFC that high, you won't qualifyfor any grants, but you will get a federalstafford loan. Dependent freshman can get up to5500 a year. independent freshman up to 9500 ayear. Call your school, they are prob needingmore info from you to determine how much to giveyou.
- answered by Anonymous
Answer #4
If your EFC is over 5274, you won't qualify forany Pell Grants. You might be eligible for somestate or institutional grants. Check with yourschool's financial aid office - they might needsome additional information. Schools typicallyreceive your FAFSA results within 2 business days,so they should be able to give you furtherinstructions if you give them a call!
- answered by Lisa C
|
