They will still be eligible for unsubsidized student loans and may qualify for some non-need-based state grants. But families with a low EFC will receive need-based aid. In some cases, the EFC may be or 0. It just means that the government determined you qualify for all types of need-based financial aid. Only their income and assets will count toward their EFC. Independent students must meet one of the following conditions to be eligible:. The award letter will show how much financial aid the university will give you, including federal subsidized and unsubsidized student loans, grants, work-study and scholarships.
In many cases, students will still have to rely on student loans to finance their college tuition, even if they had a 0 EFC and qualified for all eligible need-based aid. This depends on how many scholarships you receive and where you attend college.
Some schools are more generous to students, while others have less money to dole out. Completing this form may qualify you for more financial aid through the college, like scholarships or grants. Students with a 0 EFC may receive the following types of need-based aid:. Colleges with work-study programs match students to on-campus or off-campus jobs.
Students usually work between 10 and 20 hours a week and are paid minimum wage or slightly more. The exact wage depends on the college. Because there is a limited amount of work-study jobs, students should complete the FAFSA early to receive a position. There are two types of federal student loans, unsubsidized and subsidized. Subsidized student loans do not accrue interest during enrollment, the six-month grace period after graduation and during deferment periods.
This can be a huge cost savings for students who qualify. Some state grants are only available for need-based students, and most states use the FAFSA to determine eligibility.
These grants are only available to students who remain in-state for college. Grants do not need to be repaid, and many can be renewed for multiple years. While many scholarships are given to students regardless of need, some are only available for students who meet certain income thresholds.
Both colleges and third-party providers may have need-based scholarships available. Juno can help you get the lowest private student loan interest rates with a repayment schedule that works for you. Even families with an EFC of Zero can end up with a funding gap. But at the same time the school may choose to provide a very low percentage of financial need. Unfortunately the actual financial aid awards can vary because the average need met is an average number for the student population incoming freshman and upperclassmen at the school.
They joined our Coaching Program where we prepared their appeal. The family was totally unaware of this need met percentage assuming with a zero EFC their out-of-pocket costs would be minimal.
You will be guaranteed a Stafford Loan; it will probably be a subsidized Stafford that provides better loan provisions up to the maximums listed below. Stafford Loan eligibility differs from Pell Grant as you only have to be enrolled or plan to be enrolled half-time. It is important to determine if there are any early deadlines for the CSS Profile. For CSS Profile make sure you file before the schools Priority Aid Deadline date which is the day the college starts building financial aid packages.
Schools process incoming freshman packages first then move on to upper returning students. You may also be eligible for funds directly from your school. Regardless of you EFC number you can only project the amount of financial aid you will receive based upon the historical giving pattern of the respective school. Because work-study is funded by the federal government and the school, many schools classify it as need-based financial aid although it is money the student must earn. Colleges are not allowed to consider subsidized loans, work-study, or loans of any kind for that matter when calculating average net price.
Some schools simply do not have the funds to meet the financial aid requirements of all students while others choose to fund more merit aid programs. In either case, students do not receive the full amount needed to meet demonstrated need and will have to find aid elsewhere, usually in the form of private student loans or parent loans.
Unfortunately, these are some of the most competitive schools in the nation. This also means that families need a reliable estimate of their EFC long before the student actually starts applying to schools. You must be logged in to post a comment. I'm able to maintain this website by displaying online advertisements to visitors.
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