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It is impossible to answer your question as it really depends on so many variables - what your school costs, what sort of aid your school offers, whether they promise to meet full need, whether you may qualify for some merit aid. If they offer only federal aid then it is likely they will not be able to meet your full need without considerable loans. Federal aid is not enough to cover the cost of most 4 year public schools. If they have their own aid to offer you may fare better.
Federal Student aid consists mainly of:
Grants (do not have to be repaid)
Pell:The maximum for 2008-2009 was $4731 (supposed to increase in 2009-2010). Is EFC based. For 2008-2009 it required an EFC between 0-4041. 0 EFC got the maximum grant then the amount of grant goes down as the EFC goes up, phasing out at 4042.
SEOG: Usually awarded to the neediest students. Schools set their own criteria. (unlike the Pell where if you qualify by EFC you get it). At my daughter's school it requires a 0 EFC and early FAFSA submission. The maximum varies by school. (schools are given a limited amount of SEOG dollars to award so decide how to best allocate the money. Some students meeting the school's criteria may not get it if funds are depleted). The max by federal rules is $4,000 but schools set their own max depending on how many students they may need to award it to. The max at my daughter's school is $2,000.
ACG:Freshmen/Sophomores only. $750 freshman/$1300 Sophomore. Requires Pell eligibility and certain academic requirements - rigorous HS curriculum, certain HS GPA. Cannot have graduated HS before (I think) 2005.
SMART:3rd and 4th year students only. maximum = $4,000. Requires pell eligibility, certain majors, and a mimimum GPA.
TEACH:For teachers training to teach in certain needed subjects and requires a time commitment teaching in needy districts. If the time commitment is not met the grant reverts to an unsubsidized loan with interest dating back to the disbursment of the loan (ugh). I think there is a GPA requirement.
LOANS
PERKINS:Subsidized loan. Neediest students. $4,000 maximum. Limited funding. 5% interest rate. Govt pays the interest until after graduation or dropping below half time plus for a 9 month grace period. Some posters reported their schools not getting much Perkins funding this year.
STAFFORD:Combination of subsidized and/or unsubsidized. For a freshman the maximum is $5,500 of which a maximum may be subsidized if there is 'need'. Subsidized 6% this year, dropping each year for the next several years, 6 month grace period. Unsubsidized 6.8%. Interest starts from day 1 but repayment of interest and principal may be deferred until after graduation - interest is capitalized.
WORK STUDY You get a job on campus (or certain off campus community jobs - my daughter works in a Govt lab) and are paid an hourly salary. The benefit of a WS job is that the earnings are not held against you by FAFSA the next year.
There are also parent loans (Plus loans). Some States have grant programs - usually for students staying in state. Schools that promise to meet full need may have their own grant money.
Finaid.org is an excellent source of information on the various federal aid programs.
Above are 2008-2009 figures. They may change for 2009-2010.
The selective schools that promise full need and no loans mostly require CSS as well as FAFSA. CSS includes additional information which may make your EFC for institutional aid higher or lower.
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