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What is the Maximum FAFSA will give

henbenplentyhenbenplenty 15 replies3 threads New Member
This is a general question.

What is the very maximum per year that FAFSA will give someone?? Let's say it is the poorest person in the entire United States who got into Harvard.

Thanks.

Hen Ben
edited February 2012
30 replies
Post edited by henbenplenty on
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Replies to: What is the Maximum FAFSA will give

  • hazmathazmat User Awaiting Email Confirmation 8254 replies181 threads Senior Member
    FAFSA doesn't award money.
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  • Muffy333Muffy333 2080 replies28 threads Senior Member
    If FAFSA says your EFC (estimated family contribution) is zero, you may get a free ride for college (but not necessarily, depends on the college and the kid)
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  • viperm90viperm90 219 replies62 threads Junior Member
    well my estimated EFC is around 1000...how much can I expcet in grants? because I know some schools give you like 5000 in grants and the rest in loans amd work study and say they met 100% of your need...which I find BS!
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  • sblake7sblake7 1669 replies22 threads Senior Member
    Depends on the school. Do a little research-- use the profiles at College Board to find out what avg % of need each school meets. Then look to see what % of their aid package is loans, and what % is grants, on average.

    If you have a low EFC, and other things being equal (which they seldom are), lean toward the schools that meet a high % of need, and which have a high % of grants to loans.
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  • henbenplentyhenbenplenty 15 replies3 threads New Member
    Well I really did not get an answer to my question but anyway...another hypothetical question:

    Lets say I will get $15,000.00 per year from Fafsa to go to a private college. I need another $25,000.00 per year to pay for the school.

    Can I then opt not to fill out the aid forms of the particular college i chose to attend (because I dont want loans or work study) and get the money from my wealthy aunt instead? Or will Fafsa make me as well take aid from the private college i will attend?
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  • ChedvaChedva 18947 replies11738 threads Senior Member
    Once again, FAFSA doesn't give you anything. It tells you what your family contribution is. In order to be awarded actual money, you have to apply for financial aid from your school - they are the ones who administer the money. Therefore, you cannot "opt not to fill out the aid forms" of the colleges you're applying to (note: you do not wait until you "decide to attend"; you file the financial aid papers in accordance with the colleges' deadlines - usually in February or March) and still get aid.

    However, once you get your aid award, you can turn down the loans and work-study and can get the money wherever you want. But be aware that having another source for funds in Year 1 could affect your aid for Year 2, if the source needs to be reported to the school.

    (And you didn't really get an answer to your question because there is no answer to your question. It depends on the school, its budget, and how much they want you. If they want you more strongly, your aid package may tend towards grants; if not, it may tend towards loans.)
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  • Muffy333Muffy333 2080 replies28 threads Senior Member
    FAFSA is just the form to submit your data on (some schools will also tell you to submit CSS/Profile). Based on your income/assets, you may be entitled to government aid. The schools you have submitted the FAFSA to will each determine how much aid they will give you and in what amount and type. So each school is basically making decisions on your aid, NOT FAFSA.

    If you go to the school's financial aid website, it may give you details about how good their aid is. You can also call the financial aid office.

    I can't see any reason to turn down grants, unless you have a really generous aunt and want some other kid to get the $$$!!! And just because your kid is awarded work-study he doesn't have to use it. Subsidized loans are good because the interest is deferred while the kid is in school, so they might be a good thing to accept (and then have the rich aunt pay off after graduation).
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  • thumper1thumper1 79360 replies3583 threads Senior Member
    >>Lets say I will get $15,000.00 per year from Fafsa to go to a private college. I need another $25,000.00 per year to pay for the school. >>

    Again I'll reiterate...FAFSA does NOT award any money to anyone. The FAFSA is a financial information collecting form used to determine eligibility for federal monies. If your school costs more than the amount of federal money allocated, you have to hope that the school will use the information to award you money from THEIR own coffers in the form of some kind of institutional grant. Typically this happens most at well endowed private and public colleges.

    FAFSA also doesn't "make you take money" from anywhere. The colleges award the money...but in fact when you get a financial aid package from any college, you are free to decline taking any portion of it you don't want to take.

    Now regarding "free rides"...there really aren't too many of those. Even schools that meet full need DO expect a student contribution of several thousand dollars (which you can earn working in summers and during the school year). Many schools include loans in their finaid packages. Some of the most well endowed schools have eliminated loans in their packages for students with limited income and assets in their families. BUT these colleges are very few in number (and the challenge first is to be accepted).

    And lastly, the schools with the largest endowments and generous full need financial aid use both the FAFSA AND the Profile in awarding their finaid packages...and some have their own financial aid forms.
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  • sybbie719sybbie719 21042 replies2070 threads Super Moderator
    As others have stated, the only thing the FAFSA does is qualify you for federal funds (Pell, SEOG, subsidized/unsubsidized stafford loans, Federal Work Study) based on your EFC.
    Lets say I will get $15,000.00 per year from Fafsa to go to a private college. I need another $25,000.00 per year to pay for the school.

    This scenario would not happen.

    The maximum Pell grant you would recieve having a "0" EFC is ~4300
    The maximum subsidized stafford loan you would recieve as a freshman is 3500.
    Can I then opt not to fill out the aid forms of the particular college i chose to attend (because I dont want loans or work study) and get the money from my wealthy aunt instead? Or will Fafsa make me as well take aid from the private college i will attend?

    Of course you can opt out of the forms. You just won't recieve any financial aid.

    On the FAFSA they will ask you if you want loans and work study. You can opt to say no however, at many schools this will not increase your grant aid you will just have to make up the money in your aid package that would have come from workstudy / loans.

    BTW, should the rich aunt give you money in year one, like Chedva state it probably will affect your aid in year 2 because some school will ask how you made up the short fall and if you received $$ from other sources.
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  • thumper1thumper1 79360 replies3583 threads Senior Member
    >>if you received $$ from other sources.>>

    If you are applying to any schools taking the Profile, there is a specific question that asks about $$ from other sources...so in all honesty you should be listing the aunt's money there. And many schools that have their own finaid form also ask the same question.
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  • Sheed30Sheed30 12334 replies91 threads Senior Member
    I think the best question is through Fafsa what's the highest amount someone can get from federal grants.
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  • ChedvaChedva 18947 replies11738 threads Senior Member
    For 2008-2009, I believe the maximum Pell Grant is $4600. This amount should increase to $5400 by 2011.
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  • PDXDCSONPDXDCSON 1 replies0 threads New Member
    So I made less than $10,000 last year, am over 25 and an independent as far as the IRS is concerned. My EFC is 80k. It won't let me review the form for another week. Did they make an error or did I just add an extra 0 to my income?
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  • swimcatsmomswimcatsmom 15915 replies347 threads Senior Member
    Yes you must have made an error. Are your sure it says 80,000, not 00800 ore 00080? If it says 80,000 you must have made a huge mistake somewhere (unless you have a whole lot of assets).
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  • pierrechnpierrechn - 1451 replies54 threads Senior Member
    i just got an email today saying my fafsa had been processed, i just finished it yesterday, so it takes about a week to know what i get right?
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  • swimcatsmomswimcatsmom 15915 replies347 threads Senior Member
    Know what you get? as in financial aid? No it will take a lot longer longer then a week. Your school will have to get your student aid report, then they will put together a financial aid package for you. It will likely be several weeks.
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  • slumlordslumlord 34 replies2 threads Junior Member
    According to "College aid for Dummies",the rich aunt should not give the money to YOU. If that same rich aunt gives the money directly to the COLLEGE to pay your tuition,there is no financial aid consequence as far as FASFA is concerned
    Since this thread is about maximum aid and keeping the EFC low,here are a few more ideas.A low EFC will qualify you for a better work study program. Being a Residence Assistant gets you room and board -- not reported to FAFSA. Get a summer job ,live at home, and deposit the maximum possible into a Roth IRA. The Roth does not count as an asset for FASFA.You can later take out the principal you invest in the Roth with no penalties and use it to pay for college with no penalty[the gains the Roth makes should stay invested] If you still have any cash,it needs to be put in your parents control and not your own because money you have increases your EFC to a great degree,and your parents EFC by only about 6 cents on the dollar.
    Parents can cycle all their annual bills for February. Pay 100% of that property tax,have your homeowners and auto insurance cycle right then as well. Buy meat for the freezer. Farmers can buy and pay for their seed,fertilizer ahead of time. Consumers can pay down credit card balances and any other debt. Now with the family cash reserves at almost zero,you can give an honest report to FASFA that will give you a lower EFC. If you are getting a tax refund, file your taxes,and file the FASFA before that refund comes back to you. These moves,and a few more saved our family many tens of thousands of dollars
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  • mimimomx3mimimomx3 572 replies20 threads Member
    ^^thanks for the info. i need to reread that book!
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  • truth8honestytruth8honesty 3 replies0 threads New Member
    "If FAFSA says your EFC (estimated family contribution) is zero, you may get a free ride for college (but not necessarily, depends on the college and the kid)"

    So long as the college is under $1000, which is rare.

    And kids go to primary, not college... O.o
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  • truth8honestytruth8honesty 3 replies0 threads New Member
    ">>Lets say I will get $15,000.00 per year from Fafsa to go to a private college. I need another $25,000.00 per year to pay for the school. >>

    Again I'll reiterate...FAFSA does NOT award any money to anyone. The FAFSA is a financial information collecting form used to determine eligibility for federal monies. If your school costs more than the amount of federal money allocated, you have to hope that the school will use the information to award you money from THEIR own coffers in the form of some kind of institutional grant. Typically this happens most at well endowed private and public colleges.

    FAFSA also doesn't "make you take money" from anywhere. The colleges award the money...but in fact when you get a financial aid package from any college, you are free to decline taking any portion of it you don't want to take.

    Now regarding "free rides"...there really aren't too many of those. Even schools that meet full need DO expect a student contribution of several thousand dollars (which you can earn working in summers and during the school year). Many schools include loans in their finaid packages. Some of the most well endowed schools have eliminated loans in their packages for students with limited income and assets in their families. BUT these colleges are very few in number (and the challenge first is to be accepted).

    And lastly, the schools with the largest endowments and generous full need financial aid use both the FAFSA AND the Profile in awarding their finaid packages...and some have their own financial aid forms."




    LOL $15,000? Are you on crack? The most FAFSA covers is $2,000 a year...

    FAFSA awards money to tens of thousands of people a year. I've been awarded money from them several times... Do you even know what FAFSA is??? Just look up what the acronym stands for.

    I've never heard of a college awarding a student money.

    There are endless "free rides". Generally junior colleges. SOl ong as tuition is under $1,000. You get a free ride.

    Some students are not permitted to work, nor to receive loans. IE: unpaid medical bills, social security.

    This is some serious misinformation on here.
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