I just got my Student Aid Financial report back from FAFSA...HELP!!!?

Question

I just got my Student Aid Financial report back from FAFSA and it says that my Expected Family Constribution (EFC) is 0. What does that mean?

Answer 1

the SAR (student aid report) is stating that your efc is 0 because it is saying that the government does not expect your family (meaning you/your parents/ your husband or wife etc) to contribute anything and that they will give you the full loan amount possible. usually, your efc is 0 if your parents income falls under their cutoff for family contributions OR if you are over 22 and it is assumed you will be paying yourself.

While this is exciting, knowing that you can get all of the money you need, remember that if they give you too much (ie you have all of your school expenses covered and still have alot of money left over) you can always give however much you don't spend back to them. i really recommend doing this if you find that you are over by a considerable amount even with food, room, and board included. you will have much less to pay back in the long run, especially with the interest rate. i learned that one the hard way!!!

Answer 2

You received the best and perfect score out there in financial aid by scoring a 0. It means you qualified for the full amount of the Pell Grant (unless disqualified for one reason or another including poor grades in college). It means that you also qualify for the work study program, need based scholarships from the endowment fund, and student loans. You will not know your entire financial aid package from the college until you hear back with your financial aid report (letter). The amount given is based on either full or part time status along with living expenses. I have included a few free resources for more information on the subject. Good luck!

Answer 3

The financial aid office uses the EFC to determine a student's award, whether they will receive Pell, state grant, college work study. Also, Federal Subsidized or Unsubsidized Stafford loans are determined according to EFC.
At this late date, you will probably only receive Pell Grant and subsidized Stafford loan.
Next year, I suggest applying early (February, 2008 after you file your 2007 1040 taxes) to take advantage of full financial aid.
The Pell Grant that you will receive will probably pay for your tuition & books if you are attending a city college, in district. Otherwise you may have to take out the Stafford loan. Good Luck.

Answer 4

That's a good thing! This means your school will provide school- work money, loans and grants to pay for your education. My family had zero money to contribute to my education and i had an EFC of $9000. I struggled financially through my undergrad and grad completion. I was not eligible to apply as an independent because of those 7 FAFSA questions making me ineligible. The great thing about my situation is that I was smart and received many scholarships. THANK GOODNESS!!!

Good luck on your education goals. Stick to it and finish!!

Answer 5

As said, it means that you are eligible for the maximum amounts for federal aid. . The maximum Pell grant is around 4,300. Beyond that, there is the low interest Perkins Loan. However, be aware that a school may or may not meet all of your needs in their award package. Some of them may leave you with a gap to fill after all the federal aid, regardless of the fact that your EFC is zero.

Answer 6

are you saying that you are going to pay out-of-pocket for Fall & use that to bring your grades up so you qualify for Fin Aid again? if so & if that is enough to meet SAP goals, then 1/2 would be given in Spring & the other half held for use in Summer

Answer 7

It means that your family is expected to contribute zero dollars towards college for you.

Answer 8

YEAH YOU!!! No paying for you.