Read on for a sample letter to remove a student loan from your credit report. Thinking of starting a GoFundMe student loans campaign? Learn more about the pros and cons of crowdfunding debt here first. One way to consolidate debt is to roll student loans into a mortgage. But is it a good idea?
Learn about the pros and cons as well as some alternatives here. Want to know how to get more financial aid for college? Read on for tips to maximize your financial aid and strategies for driving down the cost of your degree. We are on a mission to increase access to and reduce the financial burden of higher education. Disclaimers: Product name, logo, brands, and other trademarks featured or referred to within Juno are the property of their respective trademark holders.
Please consult a licensed financial professional before making any financial decisions. This site is not endorsed or affiliated with the U. Department of Education. All rights reserved. How we make money Privacy Policy Terms of Use. Insurance Health Insurance for Internationals. Juno in Your Words Reviews Press. Zina Kumok Aug What does an EFC Mean? You must also update any information that has changed since last year. At minimum, you must: Be a U. Have a high school diploma or GED certificate.
Be enrolled or accepted as a student in an eligible degree or certificate program. Skip to content April 21, Joe Ford. Table of Contents. If the colleges you apply to have other federal programs that they subscribe to and pay for, you may be eligbilble up to the cost, for them, such as Work Study jobs, Perkins Loans, and SEOG a limited grant that only a few colleges give out.
If you live in a state, such as CA that also has some subsidies based on the FAFSA EFC, you may also be eligible for state awards, but that can depend on the individual school and requirements.
YOu need to talk to your gudidance counselor and be familar with what CA has that you are eligbile to get and what you have to do to get that money. If you have a gap, they may leave it or fill it with their funds. If they subscribe to work study or other such programs they may give you some of that as part of the package.
They will probably present the PELL and the Stafford as their own awards when they present the package even though you are eligible up to cost for that money any where you go. But close. The rest is up to the college and what aid it subscribes to. Her financial aid might look like this:. The key to understanding need-based financial aid is simple: the difference between your EFC and the total Cost of Attendance associated with your educational plans will determine your financial need.
It's important to note that a school's Cost of Attendance includes tuition, required student fees, student housing, board, textbooks, necessary supplies and transportation to and from school. Just because a school is expensive, don't write them off. If the school has large financial resources, you might end up paying less out-of-pocket at that expensive school compared to a cheaper school that has fewer resources for financial aid. Some schools offer institutional need-based financial aid programs separate from federal student aid.
An EFC code is used to determine eligibility for these types of programs as well, but the number is calculated a little differently.
You'll need to complete a FAFSA and any additional financial aid paperwork required by your school to find out what your institutional EFC is, and what it means for your ability to secure private or institutional funding.
These school-specific programs are often designed to help students who are not eligible for much, or any, federal aid, but still need help paying for school. Your EFC is not the only factor that determines how much aid or what types of aid you are qualified to receive. Other factors may affect the amount of aid you receive, including:. While it's not possible to get an exact figure for your EFC code on your own, the College Board provides an online EFC calculator that you can use to produce an estimate.
And be sure to specify whether you want to see a federal or institutional calculation. Even if you think you will have a low EFC and plenty of financial aid eligibility, do not delay in filling out the FAFSA and any other financial aid forms your school requires to complete an initial financial aid package for you. Some federal and institutional programs are first come, first serve, so you want to apply while funds are still available.
Ideally, you should fill out your FAFSA in January, using estimated tax information if necessary which you can correct later with the school once the household has finalized its taxes , and then fill out any school-specific financial aid forms. Federal Direct Loans In the federal government's Direct Loan Program , students can receive loans at amounts preset by the government.
This is why Unsubsidized Loans have the same amounts across the board in the examples above. Not all students, however, will qualify for the Subsidized Direct Loan. Within the COA , schools calculate: Tuition and fees Books and supplies Transportation and personal expenses Room and board Loan fees Miscellaneous expenses related to your schooling such as study abroad, cooperation participation fees, etc. Determining Eligibility Institutions that offer grants sometimes use the Pell grant chart or they use a similar EFC chart system to determine eligibility for school-specific grants, but these factors vary at each school.
Financial Aid Package Examples The following examples below show how a school may look at your EFC to complete your financial aid package. Student With EFC of A school with moderate resources may be able to give more in merit aid or need-based grants. Merit Student With EFC of Many times, students and families believe that they cannot apply to a school that is anywhere outside of their budget because they do not qualify for need.
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