<p>i srsly need an answer to that question but…</p>
<p>if my EFC is supposedly 15,000…will they give me a loan for some of it. I got this off of an estimation site, but i dont know how accurate it is. Will this mean that any school state or private that offers 100 percent need met will meet my needs aside from 15000?</p>
<p>Or does this mean my parents contribute 15000 and they give me loans for the rest…or does the rest come as a grant??</p>
<p>10char = 10 characters needed to fill up the required amount if an extremely short post</p>
<p>bump = bring up my post, posted by someone w/
a. a low patience level
b. someone who has waited, but hasn’t got any answers
c. someone who has gotten answers, but not one they were looking for</p>
<p>The 15000 EFC means that this is the expected family contribution based on the income and assets of you and your parents.</p>
<p>Did you get this EFC using the federal methodology or the institutional methodology (I would recommend both as the insitutional looks at home equity and a few other things so this amount could vary)</p>
<p>Financial aid is based on the following premise:</p>
<p>Cost of attendance (tution, room, board, book, etc) - EFC (expected family contribution = demonstrated need.</p>
<p>if the cost of attendance at a private school is 45,000 and your EFC is 15,000 your demonstrated need is 30,000</p>
<p>Keep in mind that very few schools meet 100% of demonstrated need giving large amounts of grant aid and very few loans (these schools are some of the most competitive as far as gaining admissions). These schools ususally require both the FAFSA and the CSS profile (or their own institutional form)</p>
<p>Most schools do not meet 100% of your demonstrated need. This is called gapping. When a school gaps, you must fill the gap the best way you can (usually loans)</p>
<p>If you cannot meet your EFC out of pocket your parents will most likely borrow this money.</p>
<p>Remember that a school can give you a PLUS loan for the full cost of attendance and they will have “met” your need.</p>
<p>I suggest that you sit down with your parents and realistically talk about how much they are willing to spend/borrow for your education.</p>
<p>When crafting your list you should also make sure that you have a financial safety (a school that if admitted, you will be happy to attend and it also a financially feasible option for your parent).</p>
<p>good luck</p>