<p>I am very new to this so please type your answers slowly LOL</p>
<p>My dd was accepted to her ED school with the Tuition Exchange Scholarship.
In summary, I work in a private college where there are agreements with other private colleges to pay up to $31,000 towards tuition. My dd’s school is paying the $31,000 plus $5,500 in housing for a total of $36,500 off my dd’s tuition.</p>
<p>This amount is slightly larger than my dh and my EFC number, which has me very confused. We plan on putting some of our savings towards her college and taking out a student loan in her name but dh and I plan on immediatley begin to pay back since we already pay for her private HS and will just keep that as our monthly bill. </p>
<p>Anyway, I don’t understand what this EFC means, really if anything.</p>
<p>Thanks so much!</p>
<p>it sounds like your EFC is not relevant in this case as your employer is covering the bulk of COA for your daughter.
You should still fill out the FAFSA & what ever other financial forms are required for her school so she can take out Stafford loans.</p>
<p>If your employer wasn’t covering the expenses- the EFC would be the minimum amount that the family is expected to pay.</p>
<p>Thank you.</p>
<p>We filled out the FASFA and CSS form and sent it in and once submitted the EFC number came back to me in an e-mail confirmation. She will be taking out tthe Stafford loan.</p>
<p>The $36,500 will cover most of the tuition. With housing and tuition, she will still need approximately $13,500. So really, is the EFC to me $13,500?</p>
<p>The FASFA didn’t know I was getting the Tuition Exchange when it gave me the number so that is why I am confused. If it didn’t know I was getting the Tuition Exchange Scholarship, how come it didn’t tell me my EFC would be almost the full amount since I don’t expect that my dh and I would receive money that we do not need to pay back since he is retired, collects a pension, now works another job and I also work (so really three incomes).</p>
<p>Does that make sense??? THANKS!</p>
<p>FAFSA, and the EFC it produces, is primarily a tool to determine eligibility for federal aid…Pell, SEOG, work study, Stafford, and Perkins loans. The EFC is actually an index number, not a dollar amount. Other than certain types of federal aid, schools aren’t obligated to use that EFC in determining FA awards. So your d’s private awards aren’t affected or subject to the EFC and it doesn’t affect her in any way other than limiting access to subsidized loans. It sounds like her Stafford loans will be unsubsidized since she will have no unmet need.</p>
<p>Btw, remember that any FA she receives in excess of tuition, fees, and required course materials will be reportable income to her next year. But congrats on saving a bunch of money!</p>