<p>Is there a very general guideline for a student to qualify for maximum (if needed) fully subsidized student loans, a Pell grant, or even a state university grant?</p>
<p>With the current economy, our AIG will be reduced this year, perhaps to as low as $40,000 to $55,000. Family assets also hit very hard, non-retirement less than $4K. Student assets currently zero, as they are used to pay for expenses. Only one child in college, no other siblings. Going to a state university where FAFSA only is required.</p>
<p>I’ve already qualified for a generous scholarships from a couple state universities, but with rising tuition costs I will still be left with at least room and board and miscellaneous costs to cover. The university financial aid offices are naturally vague. Are there any general guidelines?</p>
<p>To qualify for any Pell grant the cut off for EFC for 2008-2009 was 4041. An EFC of 0 would make you eligible for the full Pell of $4731, as the EFC increases the amount of Pell decreases until reaching an EFC of 4042 means no Pell eligibility. Most other federal grants (ACG, SMART) are dependent on Pell eligibility. The cut off will probably change for 2009-2010. For 2008-2009 the cut off dropped even though the Pell maximum increased. With an AGI of $40K and little assets you would probably qualify for a small amount of Pell grant. AT $55k you probably would not. </p>
<p>Schools calculate your need by taking the EFC away from the school’s COA (Cost Of Attendance). Your need will be reduced by any scholarships you receive. Federal rules are that EFC + need based aid + scholarships cannot exceed COA. If you have any ‘need’ you should qualify for some subsidized loans. The maximum subsidized Stafford loan for a freshman is currently $3,500. (the total maximum Stafford for a freshman is $5500 - only $3500 of this can be subsidized if there is ‘need’).The other subsidized loan is the Perkins - this is harder to get as the school is only given a limited number of Perkins dollars to award. Perkins loans usually go to the neediest students. According to some posts on CC Perkins loans were scarce this year. You may also qualify work study if you have need.</p>
<p>Many State schools do not promise to meet full need. Many do not offer much in the way of their own need based grants. Many States also offer grant aid to students going to school in state. This may be based on FAFSA EFC or may require other applications. Our State offers a $1000 grant to Instate students with EFC below 1500. Others such as California offer more generous grants to their in state students.</p>