Help understanding student loans, grants, etc. FAFSA EFC is 8,000?
Aug 15th, 2008 by admin
Does that mean that one can’t get any grants, or other free money until the family contributes $8k. What if the family does not contribute can the student apply for for unsubsidized loans? also are those automatic loans to full time students or is it like applying for a regular loan and FICO and credit scores appy. What are other options for someone wanting to attend school with limited income?
An EFC sounds way too high to be eligible for anything from the government. It sounds like you either came from really rich parents who refuse to help you or made some major mistakes on the FAFSA.
You can get a Student Signature private loan from Sallie Mae if you have good credit. If not, you will need a credit-worthy cosigner.
It all depends on what type of school you are wanting to go to. If you are going to a public university I would say that you should not expect to much help. You may qualify for a grant and some loans. If you are attending a private university I would say that you should expect to recieve more money because private school’s cost more. If you don’t recieve enough money through FAFSA look at taking out private loans. Also if you have a bank account contact your bank about taking out a student loan. Hope this helps
The EFC is not a dollar amount it is a code that each school uses to determine the dollar amount that the family is expected to pay. You have to talk to your school’s financial aid department and they tell you what the actual dollar amount is.
Other than that I cannot answer this question because I am going through it myself right now and I have to get to the financial aid office for them to determine the actual EFC dollar amount.
No, it does not mean that your family will have to pay $8000 before you can get any financial aid. What it does mean, however, is that your family doesn’t demonstrate much financial need. You are still eligible for grants, loans, and work-study programs. Your financial package is highly dependent on the school you are going to. One thing you should try is talking to the financial aid office. You MAY be able to be declared as an independent student. Be aware, however, that the government is very strict on allowing people to be declared independent. If you are, though, you WILL be eligible for more financial aid unless you made a lot of money last year.
One thing you need to do is look for scholarships. MANY scholarships are not dependent on your grades, but on hobbies, memberships, volunteer work, etc. Both your school and outside services will have scholarships you are eligible for. Try to find scholarships based on your major, hobbies, and other factors.
If you need help, feel free to contact me.
It means that your Expected Family Contribution for the year is $8000. They send that info to the school, the school calculates what they think it will cost you to go to school and send it back to to goverment. The goverment then sends the money to the school, you register for classes, based on the # of credit hours, the school allocates what the grant pays and what you pay. If you are going to a very expensive school, they may help a bit.
Based on your EFC, be prepared to pay the majority, if not all.