FAFSA LLC & Trust Guidance

bgbg4us
Tue, 30 Nov 2021 01:25:33 +0000

i guess i’m trying to figure out what type of aid from a state school you are hoping for.

pell grants are for students with pretty low incomes. If your EFC is app. 6K or less, you’d get some grant money. Your EFC is based mostly on your income, assets do play into the formula.

loans - a student can get a loan no matter what; that’s around $6K per year more or less.

state grants - again, mostly for low income families. Gift aid, maybe a little if you have a low EFC, but the vast majority of state schools dont have large endowments for need-based aid. Merit is your best bet at state schools.

with our first kid, we played “financial gymnastics” trying to lower our EFC; it helped lower it a bit, but absolutely made no difference in the aid any schools gave (all FAFSA schools). it just left us with less cash to pay the bills! kelsmom is a retired FA officer; she’s spot on when she suggests looking at the net price calculators (NPCs) on each school’s web site to see what they say.