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I'm new to financial aid. If the Fafsa shows an EFC of $750.00, does this mean a Public NY college will award the balance of expenses with loans and grants, or will I still have to come up with the $14,000 in expenses each year?

By Thumper1 (Thumper1) on Sunday, March 07, 2004 - 08:53 pm: Edit

Every college has a different way of awarding financial aid. You would need to call the specific school for specific info. Having said that...schools that have need blind admissions say they will award you enough aid to meet the difference between your EFC and their costs. Those awards can be in the form of grants, scholarships, loans and work study. In most cases, public universities will not meet the difference between your EFC and their costs. So...if the cost of attending is $14750, there is no way to tell what if any financial aid you will receive, although if you income is low enough you WOULD get a PELL grant (don't know the amount...but it is NOT $14000). For schools who don't have need blind admissions, there is no guarantee you will get enough aid to cover all your expenses.

By Ksmom (Ksmom) on Sunday, March 07, 2004 - 09:23 pm: Edit

If your EFC is $750 your PELL grant should be $3300. You may pick up an FSEOG of several hundred dollars (the school decides this amount). You would qualify for a subsidized stafford loan of $2625 and probably a perkins loan (the school also decides this amount and I believe the max is $4000). Work study is a variable amount and each school handles that differently. Not every one that qualifies gets work study. YOU NEED TO CALL THE SCHOOLS IN QUESTION and ask them some specific questions.

By Poeman (Poeman) on Sunday, March 07, 2004 - 11:30 pm: Edit

ksmom can you estimate for me also

I have 123.00 on my EFC, what does this mean. how much will i get from fafsa. im planning to go to private school

By Ksmom (Ksmom) on Monday, March 08, 2004 - 11:21 am: Edit

Poeman, I am not trying to give true estimates for anyone. All of this information is readily available with a little searching. An EFC of $123 would qualify you for a PELL of $3900. Everything else that I stated above would hold true for you also. CONTACT YOUR SCHOOLS and ask. The amount of scholarship and grant monies also will be a part of your package; some schools are generous and some are not.

By Easydoesitmom (Easydoesitmom) on Monday, March 08, 2004 - 12:24 pm: Edit

CluelessMom - New York State also gives the dependent student a TAP award ( tuition assistance program ) for New Yorkers going to New York ( private or public school )colleges . I would figure that you can add about $2500 TAP grant on top of the Pell grant KSmom estimated for you above ( the state hasn't passed the budget yet so it's exact amount isn't certain - in fact , rumours are that Gov. Pataki slashed the TAP ) . Make sure you file that TAP application . You can also "estimate " your TAP award with a calculator at www.HESC.com