<p>So is lower EFC better? I mean, my EFC is 0 … O_o?</p>
<p>Does it all depend on if there is enough financial aid to help me? I don’t care to go into debt for my education, but just because my EFC is low doesn’t mean I’ll get rejected, right? As long as I’m willing to take out loans?</p>
<p>Most colleges won’t reject you because of low efc (unless you’re very, very borderline and there’s somebody else willing to pay more), they’ll just give you crap fin aid packages if they don’t want to pay the full cost.</p>
<p>I’m going to a school that costs around 28,000 a year (Private college). Does this mean I’ll probably end up taking out a lot in loans? I always thought lower EFC meant you didn’t have to pay as much.</p>
<p>:P</p>
<p>Thanks for your help!</p>
<p>
</p>
<p>Having a “0” EFC only means that you have a big financial need. Keep in mind that very few schools meet 100% of demonstrated need. There are even less schools meet 100% of demonstrated need by giving large amounts of grant aid or with low income inititatives where students with “0” EFC would have no loans.</p>
<p>Most schools gap (which means they do not meet 100% demonstrated need). If you are attending a school that gaps , you must come up with the money the best way you can (which in your case will be loans if you cannot get outside scholarships)</p>
<p>looking through your posts you mention Emory & Henry.</p>
<p>They are a FAFSA only school which means that you will be eligible for Pell (this would be at any school), a Virginia grant (if you are in-state), FSEOG if funds are available, the college scholarship assistance program (if in-state)</p>
<p>you will definitely have loans as they state:</p>
<p>
</p>
<p>considering that step 3 of their financial aid process states: Apply for loans…</p>
<p><a href=“http://www.ehc.edu/admissions/finaid/apply.html[/url]”>http://www.ehc.edu/admissions/finaid/apply.html</a></p>
<p>the school has a FA calculator, did you use it to run your numbers?</p>
<p><a href=“http://www.ehc.edu/admissions/aidcalc.html[/url]”>http://www.ehc.edu/admissions/aidcalc.html</a></p>
<p>I haven’t yet, I’ll do that now, thanks :)</p>
<p>I’m coming from out of state(Tennessee). I don’t care to take out loans and help pay, I’m just wondering if it will keep me out of college. Even if there isn’t any scholorships or grants left, I can always get a loan, right? </p>
<p>Hehe, I’m 18 and know jack **** about all this stuff, so I appreciate all you guys help :)</p>
<p>Edit:</p>
<p>I did the calculator and it says this:</p>
<p>Year One $ 3,000.00
Year Two $ 3,000.00
Year Three $ 3,000.00
Year Four $ 3,000.00
Total Award $ 12,000.00</p>
<p>when you did the calculator – the award that you stated above – was that grants? loans? or total package? or your need?</p>
<p>usually your package is made up of several components:</p>
<p>work-study
student contribution (from summer earnings/savings)<br>
loans
grants</p>
<p>plus the amount they gap</p>
<p>with an EFC of “0” you should be eligible for at least a Pell Grant and possibly a few others (like what Sybbie said above) so the $3,000 doesn’t make sense.</p>
<p>I’m not sure. It just said: “Congratulations you qualify for 3,000”. I’m assuming this is just money the college will pay? O_o</p>
<p>ANyway, I’ll call the financial aid department tonight.</p>
<p>I have another question:</p>
<p>I want to go into Law. Now my family is not rich, after undergrad, I’m assuming I’ll be in debt quite a bit. What does that do for Law School(getting money for it) will they still give me loans for Law school too? </p>
<p>In other words, me getting loans in undergraduate won’t effect me getting loans in graduate, will it? Or how does that work.</p>
<p>Thanks all,
Alex</p>
<p>“Congratulations you qualify for 3,000” – this doesn’t make much sense at all. If you only qualify for $3,000 and you are expected to fund the rest (with an EFC of $0) you are in trouble.</p>
<p>I realize that you don’t care if you go in debt for college – but you need to rethink that. Certainly some debt is managable – but if you have to borrow $20,000 per year or more plus add what you will borrow for Law school and you will be hard pressed to pay that debt off in any reasonable time frame. That kind of debt will impact the jobs you are offered, the person you marry (who wants to marry someone with that kind of debt) and where you can live.</p>
<p>When do you get your financial aid package? Shouldn’t you already have it since you need to tell the college whether you are attending?</p>
<p>If that calcluator did not ask for any financial info, but only GPA & SATs then it is a merit money estimator.</p>
<p>ok – that helps!</p>
<p>so, you should get at least $3,000 in merit aid (possibly more because some school also have need-based merit aid) plus a Pell grant and possibly an academic competitiveness grant. That still leaves you with quite a bit to cover on your own.</p>
<p>I would suggest work-study (about 10 hours a week) summer jobs and limiting loans to no more than $5,000 per year in order to now have a negative impact down the road.</p>
<p>I haven’t been accepted yet. I’m waiting on a decision, but I really don’t think I have anything to worry about there, I’ll most likely get in. So I’m just thinking ahead.</p>
<p>Man 
This fin aid stuff is so stressing and confusing. Thanks for all the help.</p>