I thought this was how much I was going to have to contribute per year but it says on the website that it is NOT how much you have to contribute and it's only used to calculate how much assistance you get depending on how much your school costs to attend. I'm just attending community college (it's $73.50 per credit hour) and I'm planning on going full time (12 credit hours). About how much am I going to have to pay if my EFC is 5199?? Anyone know?
2007-03-21 08:45:15 · 3 answers · asked by ~*TiNa*~ 2 in Education & Reference ➔ Financial Aid
The other person is correct, you will not recieve Pell Grant (free money), but you should recieve Subsidized loans, up to $2625 for freshman (actually, I think loan limits are increasing this July). If the 2625 is not enough to cover your expenses, you will need unsubsidized loans (if you are consisdered an independent student by Fin Aid standards) or PLUS loans (if you are dependent by Fin Aid Standards, NOT tax filing standards).
You should find your COA (Cost of Attendance), is should be on the ISIR you recieved (Insitutional Student Information Report), this estimates the total cost to go to the school you chose - including room and board, transportation, books....your EFC 5199, is then deducted from THAT number, to determing subsidized eligibility. If you take your COA- EFC = a postive number greater than 2625, you will recieve subsidized loans. If you number is less, say, 1300, you can get subsidized loans up to $1300.
Hope that helps.
2007-03-21 09:23:30 · answer #1 · answered by missy72_2002 1 · 1⤊ 1⤋
Hmm, from what I know, the number does mean how much your parents are expected to contribute. But thats only for four year universities and it's estimated. When they gave me the estimated EFC number, it also appeared on the financial aid paper the university [i got accepted to] gave me.
So for example, the school that accepts you costs $25,000. Then they pay $20,000 and you only pay $5000. But for community college it's different. You might get assistance but not $5000. They do it differently depending on the college you go to.
2007-03-21 17:04:05 · answer #2 · answered by llala 3 · 0⤊ 0⤋
With an EFC of 5199 you are not going to be eligible for a pell grant. However, you should be eligible for a subsidized Stafford loan which means they will collect no interest on your loan until after you graduate college. I would need to know more information regarding your school inorder to tell if you are eligible for more than that.
Good Luck!!!
2007-03-21 15:57:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋