FAFSA EFC score of 796. Good or bad?

Question

Independent student.

Add- I think being a grad student will hurt me with Pell grants though

Answer 1

As a graduate student, I assume you already have a bachelor degree. Once you have your 1st bachelors then you are no longer eligible for Pell grants, SEOG grants, and typically state funded grant programs.

However, you are eliglible to borrow higher amounts from the federal loan programs.

Stafford Loans now have a fixed 6.8% interest rate, with a 6 month grace period after you drop below half time before you enter repayment. You will then have 10 years to repay, unless you borrow enough to qualify for extended repayment over 25 years. Grad students can borrow up to $8,500/ year in subsidized (need based, non interest bearing loans while in-school) and up to $10,000 in unsubsidized loans (non-need based and will accrue interest while you are in-school).

In addition it is possible to borrow Perkins loans as a graduate student, but that is at the discretion of your insititution. You can borrow up to $6,000/ year, with a 9 month grace period and fixed 5% interest rate.

In addition this year grad students may be eligible to borrow PLUS loans, typically known in the past as a parent loan. These loans do require a credit check, but you can borrow you Cost of Attendance less/minus any other aid you are receiving. For example if your cost is $40,000 a year and you borrow $18,500 in stafford loans, your PLUS elgibility would be $21,500. There is no grace period and interest rate is detemined by the loan program your institution decides to use, FFELP would be 8.5% and Direct would be 7.9%, interest is your responsibility while in school.

Good luck getting this all figured out.

Answer 2

There's a big difference between having a low EFC as an undergraduate and having a low EFC as a graduate student. Graduate students are not eligible for Federal Pell Grants, nor are they eligible for Federal SEOG and most (if any) state grant aid. All graduate students are considered independent and, to be honest, most young grad students have very low EFCs. You will be eligible for federal student loans as well as for any need-based aid that your school offers to graduate students, but don't expect much grant aid as a graduate student.

Answer 3

It will likely mean that you are eligible for federal financial aid. The earlier you fill out your FAFSA, the better, since much of federal and local financial aid is determined on a first-come, first-serve basis.

You should check out some of the financial aid calculators at www.CollegeToolkit.com. They can be helpful when thinking about EFC and the loan process. Good luck!

Answer 4

This means that your family all together is expected to contribute $796 towards your education for the academic year. If you have that much money to spend, then it would be a good thing. If not, then it may not be such a great thing. You will know more when you get your award statement for financial aid. Then you will know how much you have to pay.

Answer 5

796 is very good. You'll get almost the maximum in pell grants. But it depends on where you're going to school and how expensive your tuition is. Here's a website to calculate your EFC. http://www.financialaid.wayne.edu/pdf/Pell_Grant_Schedule_0405.pdf#search='EFC%200000'

Answer 6

This is probly one of the best things that could have happened to you! This means that your schooling should be almost paid for and you should be getting either pell grants (which is free money you dont have to pay back) or map grants.

Answer 7

it's super good cuz it means that you can only give 796 dollars a year to your college education and that the gov will pay for nearly everything.

Answer 8

It signifies that out of the completed preparation value your in charge for $810. It relies upon on how the school does their preparation expenditures inspite of the actuality that. i recognize a few faculties include housing, nutrition, transportation, books, and misc products into their preparation yet I also recognize a few college who purely include the cost to attend college of their preparation. in case your college does like what I have said maximum colleges do and include each thing than you mustn't ought to problem about something. in case your college purely incorporates the costs of the school plus perhaps books than your paying 810 of it.