EFC question- if tuition +r & B= more than EFC, do you qualify for financial aid?

ny mom · 08-02-2009, 08:23 PM

Still confused on how it all works~! Theoretically, what if DD applies to a private and our EFC is less than the tuition, room, board, etc. Does she qualify for financial aid? My son is going to be a junior and his costs are less than our EFC at a state school, but we are still taking out loans. Poor financial management, although we are making great strides.

When his sister enters and our EFC will be split between 2, at least for a year, will we be elegible for aid at a private? Or a public for that matter?

Thanks!

swimcatsmom · 08-02-2009, 08:43 PM

Financial aid is based on the COA of the school. The COA usually includes tuiton&fees/room&board/books/travel/personal expenses. So if the EFC is below the COA their should be aid eligibility. What the aid will be is another matter. Though if there is need your son may at least qualify for subsidized loans and work study.

mythmom · 08-02-2009, 08:51 PM

NYmom: Above poster has given good info. And yes, having two usually makes it much easier to qualify for merit aid.

drusba · 08-02-2009, 08:54 PM

As noted what is generally considered is what they deem to be the total cost of attending which includes tutition, fees, R&B, and their estimate (not yours) of books, an allowance for personal expenses, and a travel increment. So it is that total cost minus your EFC. However, most schools do not guarantee to meet 100% percent of need and thus just because $X are designated need does not mean there will $X in aid.

kelsmom · 08-02-2009, 09:25 PM

If your EFC is too high for a Pell grant, nothing is guaranteed. Some schools do provide institutional funding to help bridge the gap between EFC and COA; others do not. I work at a public U with a COA of about $19,000 (on campus). If a family has an EFC of $20,000 there is no need based aid. The student will be offered $5500 unsub Stafford & $13500 PLUS loan. If that same family adds a student in college, the EFC becomes $10,000. There is now $9000 need to be filled. At a $10k EFC, the aid package will be $3500 sub Stafford, $2000 unsub Stafford, and $13500 PLUS loan. The bottom line isn't much different between the two scenarios. It all depends on the school, its aid policies, and in some instances how much they want your child (for private schools, that is). There are lots of great threads about schools with excellent need based & merit aid ... search for those.