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How much can a family earning $49,000 get from FAFSA?

yummycheeseyummycheese Registered User Posts: 242 Junior Member
If a family of 3 is earning 49,000 a year, about how much need base would they get from FAFSA? Thanks!
Post edited by yummycheese on

Replies to: How much can a family earning $49,000 get from FAFSA?

  • swimcatsmomswimcatsmom Registered User Posts: 15,650 Senior Member
    You do not get anything from FAFSA. It is a form used to determine your EFC (Expected Family Contribution). This is sent to the school who use it to determine your need. Your 'need' for federal aid is based on the school's COA (Cost Of Attendance) less your EFC. It may be met by a combination of grants, loans, work study, and possibly a gap (unmet need).

    How much aid you will receive will depend on the school and it's policies. Some meet full need (the most competitive and difficult to get into). Many do not. Those that do meet full need will have their own institutional aid in addition to federal aid.

    You can get an idea of your EFC by running the calculator here (though it has not been updated for 2009-2010 yet).

    FinAid | Calculators | Expected Family Contribution (EFC) and Financial Aid

    The main federal grant is the Pell grant. The Pell is based on your EFC which is calculated using your parent income and asset information and your income asset information. For 2008-2009 an EFC below 4042 was required for any Pell grant eligibility.

    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.

    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.
  • MorsmordreMorsmordre - Posts: 680 Member
    Depends where you are applying to college and such. Your EFC will likely be somewhere around 7000 so college cost, assuming they meet 100% need would be cost of attendance-7000. FAFSA doesn't give you money just gives you the EFC figure. For top flight privates however, expect to contribute nothing to your college education.
  • cptofthehousecptofthehouse Registered User Posts: 26,432 Senior Member
    As swimcatsmom has so well explained, FAFSA will not "give" you anything. It just comes up with the EFC which Morsmordre estimates will be around $7000. At that level, you won't get PELL money, but you'll be eligible for subsidized loans. What it comes down to for you is how much the schools you apply to are willing to give for financial aid. Many of such school require information in addition to the FAFSA such as PROFILE or their own financial aid forms. Those that guarantee 100% of need to be met will offer you a loan/grant/ work package meeting what they calculate as need which may not be the same as you FAFSA EFC. There are some school, usually the most selective like Harvard, Stanford, etc that are very generous and will give full grants to kids from families below a certain income/assets threshhold. But these schools are few in number.
  • somemomsomemom Registered User Posts: 10,447 Senior Member
    Federal Student Aid - IFAP: iLibrary - EFC Formula Guide

    this is the formula, you can plug in your numbers and see if you qualify for that Pell etc, I have known people in the $45k range that just barely qualified for a PEll (don't recall how many in the family) but more than one kid in college.
This discussion has been closed.