college financial aid question

[trOver]

To those who have done the college application process recently:

I have filled out my Fafsa and got back an EFC of ~$20k. As I understand it, you take the college's cost of admission and subtract the EFC, and that's the amount of federal aid you're expected to receive?

I am even more confused when merit based aid plays into this.

For example, I was accepted to the University of Miami (FL) and was granted a $20k/yr merit based scholarship. As an out of state applicant, how would I estimate how much I would be paying yearly, with the federal aid as well?

For reference, UMiami tuition is roughly $35k a year and then there's another $17k or so for room and board and fees and such.

I understand it changes from school to school, but some general information on how to figure this out would be great.

 

[summit]

Does not matter if you are in state or out of state, the U does not care since it is a private institution, not part of the State University of Florida. From what I understand, all scholarship whether merit/need are already counted against your EFC. I believe that it costs around 53k to attend yearly at the U, you/your family were responsible for 20k. Call the financial aid office tomorrow to talk to a counselor who would be able to better assist you. Congrats on getting into the U!

 

[Jeff7]

Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.

Source.

 

[Sumguy]

To those who have done the college application process recently:

I have filled out my Fafsa and got back an EFC of ~$20k. As I understand it, you take the college's cost of admission and subtract the EFC, and that's the amount of federal aid you're expected to receive?

I am even more confused when merit based aid plays into this.

For example, I was accepted to the University of Miami (FL) and was granted a $20k/yr merit based scholarship. As an out of state applicant, how would I estimate how much I would be paying yearly, with the federal aid as well?

For reference, UMiami tuition is roughly $35k a year and then there's another $17k or so for room and board and fees and such.

I understand it changes from school to school, but some general information on how to figure this out would be great.

Pell Grant (generally what you get from filling out FAFSA) caps out at something like 7k a year or so. It is need based, so I wouldn't really expect to get the full amount if your EFC is that high. I wouldn't be surprised if they gave you nothing, I know plenty of people who got shafted.

UM is a private school so they charge everyone the same amount.

For the best information, call the financial aid office, and fast. You might be able to sign up for some more scholarships, and look into third/fourth year scholarships.

 

[Heller]

Pell Grant (generally what you get from filling out FAFSA) caps out at something like 7k a year or so. It is need based, so I wouldn't really expect to get the full amount if your EFC is that high. I wouldn't be surprised if they gave you nothing, I know plenty of people who got shafted.

UM is a private school so they charge everyone the same amount.

For the best information, call the financial aid office, and fast. You might be able to sign up for some more scholarships, and look into third/fourth year scholarships.

qft

 

[TruePaige]

With an EFC that high I'd be surprised if you get anything except student loans and whatever the school has to offer.