I applied for financial aid, and I have a 576 EFC, What does it mean?

Answer 1

The letters "EFC" stand for "Expected Family Contribution." I essence, an EFC represents the dollar amount that the government feels you and your family can reasonably expect to contribute towards your college education for the upcoming year.

It's important to know what, just because your EFC is $576 doesn't mean that you won't have to pay more than that. 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 your "full need" (i.e. the difference between your costs and your EFC). Sadly, at these schools, you might have to pay most of your educational costs. This is simply because not all schools are able to offer all types of Financial Aid programs.

For 2007-08, assuming you are a full time, first-time Freshman (and your education costs exceed $4,310), you should receive a Pell Grant of $3,760, and a Subsidized Stafford Loan of up to $3,500. If you are an independent student (officially, as determined by your FAFSA), you can receive an additional $4,000 in Unsubsidized Stafford Loan funding. 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.

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

EFC translates into Estimated Family Contribution for the school year (fall and spring semesters or quarters). The number comes from a formula based on parental income (if under 24, not in the military, and not married), parental savings, your income, and your savings. Your savings is used as a higher percentage in contributing to your college education than your parents. The number means that you qualify for Pell Grants, but you will not receive the maximum amount. There could be school help in the form of scholarships and student loans depending on the tuition. There is a step out there for the college to get back to you on the final financial aid package offered which will be soon. The FAFSA form has to be done yearly in order to get money for each year of college. I have included some links for further reading. Good luck!

Answer 3

the single element homeless grants is a means to report as self sufficient student quite than based student interior the 365 days the homelessness occurs what does that advise? it means your Fin help would be based on your earnings quite than your father and mom earnings so, you fill out FAFSA as self sufficient student & you spot what you will be eligible for. did you bypass to extreme college in IL? what i'm attempting to verify is that in case you're probable to be in-state for an IL college... if so, then you definately ought to coach for state help -- in some states, they use FAFSA & others have their very own utility maximum probable you will a minimum of get sufficient help to pay training, expenditures & books at community college -- you could detect an in-state cc with dorms or student housing. to disguise that fee, you could prefer a job or artwork-learn