What is the Maximum FAFSA will give

thumper1 · January 1, 2008, 3:24pm

Again I'll reiterate...FAFSA does NOT award any money to anyone. The FAFSA is a financial information collecting form used to determine eligibility for federal monies. If your school costs more than the amount of federal money allocated, you have to hope that the school will use the information to award you money from THEIR own coffers in the form of some kind of institutional grant. Typically this happens most at well endowed private and public colleges.

FAFSA also doesn't "make you take money" from anywhere. The colleges award the money...but in fact when you get a financial aid package from any college, you are free to decline taking any portion of it you don't want to take.

Now regarding "free rides"...there really aren't too many of those. Even schools that meet full need DO expect a student contribution of several thousand dollars (which you can earn working in summers and during the school year). Many schools include loans in their finaid packages. Some of the most well endowed schools have eliminated loans in their packages for students with limited income and assets in their families. BUT these colleges are very few in number (and the challenge first is to be accepted).

And lastly, the schools with the largest endowments and generous full need financial aid use both the FAFSA AND the Profile in awarding their finaid packages...and some have their own financial aid forms.

sybbie719 · January 1, 2008, 3:24pm

As others have stated, the only thing the FAFSA does is qualify you for federal funds (Pell, SEOG, subsidized/unsubsidized stafford loans, Federal Work Study) based on your EFC.

[quote]
Lets say I will get $15,000.00 per year from Fafsa to go to a private college. I need another $25,000.00 per year to pay for the school.

[/quote]

This scenario would not happen.

The maximum Pell grant you would recieve having a "0" EFC is ~4300
The maximum subsidized stafford loan you would recieve as a freshman is 3500.

[quote]
Can I then opt not to fill out the aid forms of the particular college i chose to attend (because I dont want loans or work study) and get the money from my wealthy aunt instead? Or will Fafsa make me as well take aid from the private college i will attend?

[/quote]

Of course you can opt out of the forms. You just won't recieve any financial aid.

On the FAFSA they will ask you if you want loans and work study. You can opt to say no however, at many schools this will not increase your grant aid you will just have to make up the money in your aid package that would have come from workstudy / loans.

BTW, should the rich aunt give you money in year one, like Chedva state it probably will affect your aid in year 2 because some school will ask how you made up the short fall and if you received $$ from other sources.

thumper1 · January 1, 2008, 6:13pm

If you are applying to any schools taking the Profile, there is a specific question that asks about $$ from other sources...so in all honesty you should be listing the aunt's money there. And many schools that have their own finaid form also ask the same question.

Sheed30 · January 2, 2008, 9:33am

I think the best question is through Fafsa what's the highest amount someone can get from federal grants.

Chedva · January 2, 2008, 9:59am

For 2008-2009, I believe the maximum Pell Grant is $4600. This amount should increase to $5400 by 2011.

PDXDCSON · January 29, 2010, 5:15pm

So I made less than $10,000 last year, am over 25 and an independent as far as the IRS is concerned. My EFC is 80k. It won't let me review the form for another week. Did they make an error or did I just add an extra 0 to my income?

swimcatsmom · January 29, 2010, 5:26pm

Yes you must have made an error. Are your sure it says 80,000, not 00800 ore 00080? If it says 80,000 you must have made a huge mistake somewhere (unless you have a whole lot of assets).

pierrechn · February 2, 2010, 9:06pm

i just got an email today saying my fafsa had been processed, i just finished it yesterday, so it takes about a week to know what i get right?

swimcatsmom · February 2, 2010, 9:37pm

Know what you get? as in financial aid? No it will take a lot longer longer then a week. Your school will have to get your student aid report, then they will put together a financial aid package for you. It will likely be several weeks.

slumlord · February 3, 2010, 8:08am

According to "College aid for Dummies",the rich aunt should not give the money to YOU. If that same rich aunt gives the money directly to the COLLEGE to pay your tuition,there is no financial aid consequence as far as FASFA is concerned
Since this thread is about maximum aid and keeping the EFC low,here are a few more ideas.A low EFC will qualify you for a better work study program. Being a Residence Assistant gets you room and board -- not reported to FAFSA. Get a summer job ,live at home, and deposit the maximum possible into a Roth IRA. The Roth does not count as an asset for FASFA.You can later take out the principal you invest in the Roth with no penalties and use it to pay for college with no penalty[the gains the Roth makes should stay invested] If you still have any cash,it needs to be put in your parents control and not your own because money you have increases your EFC to a great degree,and your parents EFC by only about 6 cents on the dollar.
Parents can cycle all their annual bills for February. Pay 100% of that property tax,have your homeowners and auto insurance cycle right then as well. Buy meat for the freezer. Farmers can buy and pay for their seed,fertilizer ahead of time. Consumers can pay down credit card balances and any other debt. Now with the family cash reserves at almost zero,you can give an honest report to FASFA that will give you a lower EFC. If you are getting a tax refund, file your taxes,and file the FASFA before that refund comes back to you. These moves,and a few more saved our family many tens of thousands of dollars

mimimomx3 · February 3, 2010, 9:57am

^^thanks for the info. i need to reread that book!

truth8honesty · March 25, 2010, 11:31pm

"If FAFSA says your EFC (estimated family contribution) is zero, you may get a free ride for college (but not necessarily, depends on the college and the kid)"

So long as the college is under $1000, which is rare.

And kids go to primary, not college... O.o

truth8honesty · March 25, 2010, 11:42pm

">>Lets say I will get $15,000.00 per year from Fafsa to go to a private college. I need another $25,000.00 per year to pay for the school. >>

Again I'll reiterate...FAFSA does NOT award any money to anyone. The FAFSA is a financial information collecting form used to determine eligibility for federal monies. If your school costs more than the amount of federal money allocated, you have to hope that the school will use the information to award you money from THEIR own coffers in the form of some kind of institutional grant. Typically this happens most at well endowed private and public colleges.

FAFSA also doesn't "make you take money" from anywhere. The colleges award the money...but in fact when you get a financial aid package from any college, you are free to decline taking any portion of it you don't want to take.

Now regarding "free rides"...there really aren't too many of those. Even schools that meet full need DO expect a student contribution of several thousand dollars (which you can earn working in summers and during the school year). Many schools include loans in their finaid packages. Some of the most well endowed schools have eliminated loans in their packages for students with limited income and assets in their families. BUT these colleges are very few in number (and the challenge first is to be accepted).

And lastly, the schools with the largest endowments and generous full need financial aid use both the FAFSA AND the Profile in awarding their finaid packages...and some have their own financial aid forms."

LOL $15,000? Are you on crack? The most FAFSA covers is $2,000 a year...

FAFSA awards money to tens of thousands of people a year. I've been awarded money from them several times... Do you even know what FAFSA is??? Just look up what the acronym stands for.

I've never heard of a college awarding a student money.

There are endless "free rides". Generally junior colleges. SOl ong as tuition is under $1,000. You get a free ride.

Some students are not permitted to work, nor to receive loans. IE: unpaid medical bills, social security.

This is some serious misinformation on here.

truth8honesty · March 25, 2010, 11:45pm

"For 2008-2009, I believe the maximum Pell Grant is $4600. This amount should increase to $5400 by 2011. "

BUT, only if you're under 24, and have a parent killed in Afghanistan. Otherwise, $1,300 is the max you can get

Motherof4301206 · December 6, 2011, 12:31am

I'm sorry to say that you are wrong. I just recently recieved my FAFSA grants and I am receiving $5400. And that is just for fall and winter classes. I can apply again for spring and summer classes for the same amount. I am also above the age of 24 and have not had anyone die overseas.

Sorry to burst your bubble.

romanigypsyeyes · December 6, 2011, 12:42am

This thread is very old, but yes, truth was wrong.

Again though mother, you are not getting any "FAFSA grants" because there is no such thing.

sk8rmom · December 6, 2011, 6:21am

[quote]
And that is just for fall and winter classes. I can apply again for spring and summer classes for the same amount.

[/quote]

Hate posting on old threads, but you should verify that with your FA office. I think you're talking about receiving money from Pell and should be aware that there is no longer a provision for second Pell grants within an academic year. That ended with the 2010-11 academic year. You may have Pell funds left for this year which would cover your spring term, but should not have to reapply for them as your post indicates. The FAFSA you file in a few months will be for 2012-2013.

mom2collegekids · December 6, 2011, 10:53am

* I just recently recieved my FAFSA grants and I am receiving $5400.*

You aren't receiving FAFSA grants. There are no such thing.

You are being awarded a federal Pell grant because your EFC is under the max Pell qualifying number.

FAFSA is just an application...it is not a source of money.

BTW...if you got 5400 in grants for ONE semester, then some of that grant money is a college grant (again, not from FAFSA).

MommaJ · December 6, 2011, 2:20pm

This thread is full of misinformation and should never have been revived. Can the mods do something? And please folks, if you have a question or think you have some useful info to share, just start a new thread instead of reviving an old one which may have obsolete or, as in this case, simply inaccurate information that could mislead a reader.

jamjar21 · February 4, 2012, 8:01pm

OK, you guys, you gave me great help last year....someone telling me that your EFC is an automatic 'O' if you make under $31,000 a year...so I managed to make that happen and thats exactly what our EFC was.
Anyway my question is, this year we made way below the $31,000, a little over $25,000 and my daughter made less than she did last year, everything else the same and my EFC was $552. Well OK, maybe it doesnt really make any difference to how much financial aide she will get (but you never know, there could be more money out there for her) but I dont understand why?? Is it because I didnt fill out the 'assets' part of the form, since I didnt need to I figured it would be easier to just omit it. It should have been a 'O' with that little money and 3 dependents. I don't get it!!!

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