my efc is 2488 for FAFSA is this high? I am single with one child.?

Answer 1

In essence, your EFC represents the dollar amount that the government feels you can reasonably expect to contribute towards a college education for the upcoming year. So, the lowest possible FAFSA score is $0 (the highest is $99,999).

In practice, an EFC is simply an estimate of a student's ability to pay for college. It should not and cannot be seen as "the amount that financial aid will not cover." Some schools will simply not be able to meet the student's "full need" (i.e. the difference between your costs and your EFC) -- this is simply because not all schools are able to offer all types of Financial Aid programs.

There are 2 things you should keep in mind:
1. Just because your EFC is $2,488 doesn't mean that you won't have to pay more than that.
2. Just because your EFC is $2,488 doesn't mean that you won't receive a financial aid package that covers all of your costs.

Every school is a little different. Many schools offer a wide variety of financial aid programs, each with its own eligibility criteria. Some awards are based on need; others are based on merit/academics, etc.

There are a few types of aid that you are almost assured of receiving with an EFC of $2,488. For 2007-08, assuming you are a full time, first-time Freshman and, you should receive a Pell Grant of $3,160, and a Subsidized Stafford Loan of up to $3,500. If a student is independent (officially, as determined on the FAFSA), s/he can receive an additional $4,000 in Unsubsidized Stafford Loan funding. These two types of funds together should meet a lot of your financial need. Moreover, these are the only types of aid that you can be fairly certainly of receiving.

There are other types of aid that you might be eligible for, assuming your school has an allocation (i.e. allotment, "chunk of money to give out"). If your school has an allocation of Campus-Based Aid, you might also be eligible for a Perkins Loan and an SEO Grant. The maximum undergraduate award for both of these funds is $4,000 but most schools will offer substantially less (perhaps 1/2 the maximum). Schools with Campus-Based Aid may also have Federal Work-Study funding to give you. The amounts of this funding will vary widely from a couple hundred to a few thousand dollars.

Many schools offer their own institutional funding, but the criteria for this funding vary so widely (from $0 to full tuition) that I can't even speculate as to how much your school can provide. Some of these awards might not be need-based, either.

Answer 2

Based on your EFC, even for the most expensive school you would qualify for about $1600.

Your EFC must be 3850 or below to qualify for Pell Grants, which disburse twice a year. The maximum amount awarded is $4,050.

Because you are at the higher end of the bracket, you will qualify for grants; however not the full amount. The cost of attendance also matters for the school of your choice. The cost must be at least $2,600+ to even be considered.

Answer 3

That actually sounds pretty good to me. Of course, it depends on your income, but this amount can be made up by part-time work, either by you or your child. There are many scholarships out there, too, which can be applied for on top of this EFC.

Answer 4

this is fine. the dept of education increase the efc eligibility meaning some people will receive a little bit more, compared to last years rate

Answer 5

It means you still qualify for government college grants but not the full amount. The best score is 0 which means you qualify for the full amount of college grants. Depending on the college itself and the tuition, you could qualify for need based scholarships, too.

Answer 6

all it means is that that is the amount u can contribute for ur childs college.....yes its a bit high......the lower it is the better.....mine is zero and i'm getting money from left to right