FAFSA QUESTION and EFC





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Discus: Parents Forum: 2004 Archive - Part 2: FAFSA QUESTION and EFC
By Liek0806 (Liek0806) on Saturday, August 07, 2004 - 02:02 pm: Edit

say a school meets all your need, and your efc is say 9000, if on your fafsa you put that you'll be living on campus which brings the total cost of college to say 35000 inlcuding housing, fees, and all that stuff, will the school give you a financial aid package of 26000?
and what about if you say you'll live at home and total cost of college comes out to 27,000 without housing, will they only give you 18000 financial aid package
i understand the package comes with loans, scholarship, grants etc.

i guess my overall question is that if you say you'll be living on campus will they give you a bigger financial aid package if you say you'll be living on campus?

By Liek0806 (Liek0806) on Saturday, August 07, 2004 - 02:07 pm: Edit

oh and also if they do give you m ore financial aid if you say you'll live on campus, what happens if after they give you your financial aid package, you then tell them your not going to live on campus, will they take away from what would have been if you put you weren't living in housing?

i might be confusing some of you

By Liek0806 (Liek0806) on Saturday, August 07, 2004 - 02:09 pm: Edit

also take into consideration that the extra financial aid that they would be giving you will be meeting the tuition and fees and not the housing, because the efc would cover the housing, so even if they gave me more financial aid it would cover the tuition and fees cause tuition and fees cost 26,000

By Thumper1 (Thumper1) on Saturday, August 07, 2004 - 02:42 pm: Edit

Most schools who give aid do so in credits to their billing statements. They do not issue checks to the students and have the students then issue checks to them. SO...if a school awarded you aid to live on campus, but that charge didn't appear on your bill, they would likely award you the amount they calculate it would cost you to live at home. Aid awards usually go for tuition and fees (minus your EFC) with additional awards going for room and board. If your only costs of attendance at a university were your tuition and fees, your EFC would be subtracted from that cost. EFC is subtracted from YOUR costs of attending. If that doesn't include room and board, then your cost would be computed based on tuition/fees only. Also, keep in mind that any awards for room and board are considered taxable.

By Liek0806 (Liek0806) on Saturday, August 07, 2004 - 03:45 pm: Edit

so in other words schools give financial aid based only on tuition and fees?

well that was my question, if i put i was living on campus would they give me financial aid based on housing, tuition, and fee minus my efc, or it wouldn't matter and i'd end up getting tuition and fees minus efc, regardless if i was living in their housing or off campus?

By Jenniferpa (Jenniferpa) on Saturday, August 07, 2004 - 04:40 pm: Edit

No, financial aid is based on the cost of attendance (Tuition, room and board). If you were attending a full need school, you would get financial aid for whatever was left after you'd paid your EFC. The only possible gray area would be if you had no EFC, and you chose to live off campus.

By Thumper1 (Thumper1) on Saturday, August 07, 2004 - 05:28 pm: Edit

>>so in other words schools give financial aid based only on tuition and fees?>>

NO...that is not what I said. Schools give their finaid based on the cost of attendance. If you live on campus, the cost of room and board is included with tuition and fees. If you live off campus the schools usually give you an allotment for costs (and it is not usually as much as on campus housing/board) plus tuition and fees. Whichever one applies to you will be what your EFC is subtracted from. However, you cannot assume that you can use finaid monies to cover tuition costs if you decide not to live on campus (using what would have been housing finaid to pay for tuition). Like I said, the finaid is applied (in most cases) as a credit to your university bill. SO...iF YOU DON'T HAVE HOUSING AND BOARD ON YOUR BILL the school will not award you finaid for that. They ask you the question on the FAFSA about whether you will live on/off campus. This helps the college determine your overall cost of attendance on which your finaid is based. If you change your mind, your aid will be reduced as will your costs...but your EFC will remain the same and will be subtracted from YOUR cost of attendance.

By Liek0806 (Liek0806) on Saturday, August 07, 2004 - 05:33 pm: Edit

well precisely, that's what im asking, if i attended a full need school, after my efc is subtracted from my cost of attendance (with room and board, tuition,fees) is that what they'll give me, or do they not put housing as my cost of attendance, and just subtract my efc from tuition and fees and give me my aid from there?


why doesn't anyone understand me, i know that i'm not communicating myself right, but i dont know how to communicate.

basically is this true or false?

I report I'll be living in housing, making my full cost with tuition and fees included to be around $35000 a year. is my financial aid package from the school going to be, FULL COST OF ATTENDANCE minus EFC?

IF FALSE, will it be FULL COST OF ATTENDANCE(excluding HOUSING) minus EFC?

IF True, say my efc is to be $10,000, what will happen if they give me my financial aid package of 25000because35000-10000=25000, remember this is full need met school. everyone knows 25 grand covers almost full tuition, what happens if then i decide not to live in housing, would they take away that 25grand, and make it to 15grand because i'm not living in housing anymore? therefor making my financial aid package 15000 because cost of attendance will be 25,000 for tuition and fess only, and 25000-EFC of 10000 equals 15000

By Liek0806 (Liek0806) on Saturday, August 07, 2004 - 05:35 pm: Edit

THANKYOU SO MUCH THUMPER, you answered my question, that's what I wanted to know!

By Emeraldkity4 (Emeraldkity4) on Saturday, August 07, 2004 - 05:38 pm: Edit

I report I'll be living in housing, making my full cost with tuition and fees included to be around $35000 a year. is my financial aid package from the school going to be, FULL COST OF ATTENDANCE minus EFC?

IF FALSE, will it be FULL COST OF ATTENDANCE(excluding HOUSING) minus EFC?


Correct

IF True, say my efc is to be $10,000, what will happen if they give me my financial aid package of 25000because35000-10000=25000, remember this is full need met school. everyone knows 25 grand covers almost full tuition, what happens if then i decide not to live in housing, would they take away that 25grand, and make it to 15grand because i'm not living in housing anymore? therefor making my financial aid package 15000 because cost of attendance will be 25,000 for tuition and fess only, and 25000-EFC of 10000 equals 15000

Correct
on campus housing you have costs subracted to EFC.
Off campus you are not allowed as much. I do not believe that they add back in all of housing and board costs- depends on school.

By Sybbie719 (Sybbie719) on Monday, August 09, 2004 - 02:25 pm: Edit

First of all, if you want or need housing you need to make the school aware when filling out the FAFSA and the application , because if you don't there may be no funds available for you should you change your mind.

Please also be advised just because a school states that it is going to fully meet your need does not mean that they will automatically come up with $25,000 and you won't have to pay or do anything.

Let's take this by steps:

You have been accepted to Joe and Willie University:

Cost of Attendance : tuition, room, board (living on campus), books, fees: $35,000

EFC: $10,000 (What your parents are expected to pay). They will dEcide how to pay this: lump sum, by semester or monethly payments. If they do not have the money, they may be elibible for a plus loan.

Need: $25,000 a school can and some will meet your full need with a $25,000 loan (you must check the financial aid policy at your school)

That need portion will probably be determinded through self help aid ( summer work, subsidized loans, Work study) and Gift aid (grants/scholarships).

For the sake of this discussion we will use the following numbers:

Self Help:

Summer Earnings: $2500
Work Study: $1500
Subsidized student loan $2550

Total self help aid $6250

If you choose not to get a summer job or take the workstudy, your package will not be adjusted to make up the money, you will most likely have to borrow this money

Part 2 Gift Aid:

Joe and Willie University Scholarship (this will vary depending on how much money the school has in scholarhips)

Lets say that the school gives you a grant(scholarship) for $18,750

If the school gives money for merit/ athletics, if you qualify, you may receive a merit or athletic scholarship. Be careful of merit money. If you are given a merit scholarship, it may be based upon maintaining a certain GPA, if you lose the GPA, you lose the money. If your scholarhip is based on playing a sport, if you don't play your sport, due to injury, academics, or lack of interest you could lose the money (check with the school)


Joe and willie University has then met 100% of your need.

If you were to receive an outside scholarship, the school would most likely use it to offset your self help aid. Example, you received a College Confidential scholarship of $3,000. Your finacial aid package will be adjusted as follows;

college confidential scholarship $3000
Self help Aid: $3250
(they will most likely reduce the loan portion first then, the work study)

Joe and willie scholarship $18,750

Some schools may also give you an unsubsidized loan in order to meet your financial need. Which means your scholar ship could be $10,000 and the loan would be $8750.

My advice would be read an learn as much about your potential school as possible. Find out the alumni giving rate and how much is in their endowment (Richer schools with large endowments can afford to give more $ in scholarships). Talk to the financial aid officer and carefully read their policy.


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