Have you talked with the head of the FA department or just someone you get on the phone?
,If the scholarship committees are telling you they need the letter ASAP, ask for an extension -- many kids are still working out the details of their FA and it wouldn't be unusual for kids to not have a solid FA package worked out yet.
,I would be a little scared to have the FA package reduced before I knew for sure the other scholarship was a certainty.
,Thanks so much for the help....another thread gave me an idea. At that time, the FA office will refigure your student's need. I thought the scholarships were a sure thing -- and since they aren't based on need, they are a sure thing for the whole 4 years. And even if the amount isn't awarded this year, can she still file for it subsequent years. You have more to gain than to lose. If I thought our financial situation would remain the same the next four years, would be satisfied just allowing the school to cover all costs and not worry about these scholarships. If your situation changes, and in 1-2 years you have an EFC of more than 0, the outside aid will just reduce the other aid, and generally does not reduce the EFC.
,Now, if in the future the college/university changes some of her aid from grants to say, work study, it would help to reduce the work study. Please support this website by adding us to your whitelist in your ad blocker. Look for every dollar that is above tuition/room/board that goes to cost of attendence. But a full Pell Grant falls short of covering all college costs, except perhaps at a community college. We had to provide them with a list and then they updated his financial aid package accordingly.
,Any time a student finds "outside funding", even if they have already started school, the FA office is supposed to be notified so that their award can be modified to stay within Federal Regulations. The EFC is the Expected Family Contribution, which is derived when you complete the FAFSA. [quote] And, as you said in your original post, you have no way of knowing if your financial picture will be different in future years so renewable scholarship money is better than need based grants in that case. Sponsored by Bloomberg News In America's richest town, $500k a year … Since she's going to a state school, she could meet all her expenses this year with the pell and these scholarships, or close to it. Now, these foundations want to see her financial aid award letter, to know whether to give her the amount she's won. Students who have an EFC of 0 should target schools that state they meet 100% of demonstrated need. It is strange that they don't seem to do that -- it is standard procedure for most schools. So for med school, EFC=0 doesn't really mean anything unless you are under 24, which would mean your parents income isn't enough to contribute. There are a couple of different reasons a FAFSA EFC would be zero. 50-50 Highlights: Schools with Lowest Average Net Cost for Families in Lowest Income Category–and which to avoid, Copyright © 2021 Do It Yourself College Rankings. Consider education loans to help fill the gap. However, this does not mean that you will automatically be given a full ride. Start a part-time job or side hustle. EFC 0 is the most affordable and normally represents that the anticipated household contribution is basically $0. Books, travel expences, food costs above just a meal plan, any lab fees, extra university fees for health insurance. Unfortunately, the answer for most students is “no.” Although the federal government has determined that if your expected family contribution (EFC) is 0, there isn’t any requirement that the government or the college provide you with the money to pay for the total cost of your education. Therefore, with the exception of a select few generously endowed institutions, the majority of colleges will expect students to take out the maximum amount allowed in federal student loans. [quote] The first is that the college you attend may not agree with the federal government’s calculation of EFC and determine students’ need by its own formula. For instance, lets say a college's costs are at $30,000, the student is granted a $10,000 scholarship from the college and the EFC is $15,000. Spoiler alert: you can! And you want any scholarship dollars to come in that will reduce loans or work study. Thread Outside scholarships and EFC = 0 Author Date within 1 day 3 days 1 week 2 weeks 1 month 2 months 6 months 1 year of Examples: Monday, today, last week, Mar 26, 3/26/04 If the college has a strategy to attract competitive students with merit scholarships, you’re in luck. If the adjusted gross income of the student’s parents is low enough, you automatically get 0.
,I assume by bet course of action is a letter to the scholarship board, explaining our situation. However, there are three issues you need to be aware of when your EFC=0. Trump's most profitable asset is currently at risk Assuming need is not a requirement, a student with a high EFC is just as entitled to a merit-based award as a student with an EFC of $0. The college needs very little in the way of grant money for her.
, Powered by Discourse, best viewed with JavaScript enabled. Renewability. In most cases a foster child will graduate from college with significant amounts of student loan debt. The second issue is that most schools considered need-based loans such as subsidized Federal Direct Loans as need-based aid because the government is paying for the interest while the student is in school. The EFC has no effect on merit-based scholarship amounts. It is quite a shock to find out you cannot apply for what appears to be an "academic scholarship," because, as it turns out, it is awarded only for someone who is financially needy. Important Pell Dates Spring 21. For 2021-2022, that number was $27,000 or below on your 2019 income tax return. EFC is the base of your need-based financial aid package. ,If I am misunderstanding the question just ignore everything I just said ;)
,Exactly swimcatsmom..........she is getting need based grants in full from the university's endowment fund, but if our financial situation improves dramatically, which it may, she won't be eligble. Or worse, to "win" one only to find out that you won the award, but not the "dollars" that go with it, as you did not have the financial need; or your other aid was lowered dollar for dollar by your scholarship.
,I too, was shocked the school wouldn't rather she "pay" her own way and let their monies go else.
Not sure how to word this situation. With an EFC of 0, you can be sure of receiving the maximum allowed Pell Grant for the year ($6345 for 2021) as well as qualifying for the maximum government subsidized loan. When I contacted the financial aid office at her school, they weren't much help. If you are 24+ years in age I believe FAFSA doesn't include parental info when calculating your EFC. Adjustments will be made.
,It just gets a bit more complicated.....Daughter just won another scholarship from the local builders association. Cost of attendance -vs- just tuition, room, and board. Your Student Aid Report (SAR) contains this number, in the upper right portion of page 1. We want to provide students with a $500 scholarship that will assist them with their educational needs (i.e. Pell Grant Federal Pell Grantis awarded to U.S. citizens and eligible non-citizens who demonstrate exceptional financial need. Each college will use a formula to determine how much money your family can afford to pay (this is also known as the Estimated Family Contribution or EFC). We are so proud of her. View Details Colleges are not allowed to consider subsidized loans, work-study, or loans of any kind for that matter when calculating average net price. Non-New Hampshire scholars will receive a $1,000 scholarship and must maintain at least a 2.0 GPA to renew their scholarship for up to four years. Good luck.
,I thought the scholarships were a sure thing -- and since they aren't based on need, they are a sure thing for the whole 4 years.
,It is standard for schools to adjust their FA packages for outside scholarships -- thus reducing the package. Not sure howit's going to work her getting theses scholarships. Often this means that such children have a zero expected family contribution (EFC), which qualifies them for a full Pell Grant. "
,What have they already covered her with?? Because work-study is funded by the federal government and the school, many schools classify it as need-based financial aid although it is money the student must earn. Students must complete a FAFSA application by the deadline and meet the EFC … federal To qualify for Federal Grant Programs, students must file a Free Application for Federal Student Aid (FAFSA). Cost of attendance -vs- just tuition, room, and board. As college costs typically increase each year, the financial aid formula that … School based scholarships?
,I think, from rereading Momrays post, she is trying to figure out if it is worth pursuing the scholarship her daughter has won as the foundation awarding it wants to see her financial aid award letter to see if she is still eligible for it (I assume there is a need element) and she already has most of her expenses covered by by other scholarships and federal grant money.
,If I am reading the question correctly my 10 cents worth would be to say yes go for it. Many need-based scholarships will provide a specific income or range that eligible student must fall in-between. While many students may hope that they’ll be expected to pay nothing, the reality is that nearly every student will have to pay somehow. For more information or to apply, please visit the scholarship … Our merit scholarships range from $6,000 to $20,000, with opportunities to earn even more through our Scholarship Summit. What Does Your EFC Impact? Financial need is the difference between the cost and the Expected Family Contribution. Be a resident of an eligible rural county as identified by the Golden LEAF Foundation. books, personal items, add to payments towards their tuition, etc.). It really shouldn't be an issue of any kind.
,It may not matter in the long run. How I wish this were true!! The average upfront cost to attend George Fox in 2021-22 is $18,530. 'Bachelor' contestant admits party photo was a mistake. As far as financing college – everything. ... Search for scholarships at Fastweb. Grant amounts are dependent on: the student's expected family contribution (EFC) (see below), the cost of attendance (as determined by the institution), the student's enrollment status (full-time or part-time), and whether the student attends for a full academic year or less. Unfortunately, these are some of the most competitive schools in the nation. Demonstrate financial need as determined by the application process; have Free Application for Federal Student Aid (FAFSA) Expected Family Contribution (EFC) that does not exceed the maximum permitted by the Program. And scholarship dollars would trump any loans.
. Questions to Ask College Coaches on College Recruiting Visits, 26 Helpful Athletic Resumes and Player Profile Templates, 50-50 Highlights: 99 Overlooked Colleges for National Merit Scholarships, College Baseball Teams by State and Division, 11.7 Reality Check: College Baseball Scholarships. In these situations, the student would be eligible for the maximum amount of federal financial aid but not necessarily aid from the school. Strong students will get money regardless of EFC!Once you do, the foundation and the FA office will coordinate.
,I find it odd that the FA office did not encourage you to continue with efforts for outside scholarships. Or there may be loans or work study (though i got the impression those are already replaced by other scholarships) awards that they will go ahead and give you the award to replace. Generally, parental income below $60,000 qualifies. It seems odd that they end up qualifying it after a lengthy process. Best Free Resources for Finding and Paying for College Guide, Checklist & Resources for Creating a Recruiting Video with Your Phone, 4 Ways to Check Colleges for Merit Scholarships, Financial Aid for Low Income Students-No Cause for Envy, 50-50 Highlights: Schools with Lowest Average Net Cost for Families in Lowest Income Category–and which to avoid, 12 Days of Christmas 2016: Day 12 - Do It Yourself College Rankings. If your income is below $49,999, your family qualifies for a simplified needs test. And financial aid letter is based on 2006-07 costs and will be adjusted. You want to keep the scholarships (since they are not need-based) and turn down that amount of aid from the school.
,Did the school package include any loans and/or work-study?
,I think, if it were me, I would start by writing a letter to the FA department and ask that your FA package be adjusted to you new, lower level of need. Maguire Scholars are selected by their respective institutions, and must remain in good academic standing (3.0), be an active participant in school and/or community I can complete the paperwork and it looks like a good size deficit. Financial Need at a college is determined by this simple equation: COA (Cost of Attendance) – Your EFC = Your Need Your EFC is generated through an analysis of parent and student income and assets as reported on the FAFSA, the Free Application for Federal Student Aid. There can be major differences in EFC in areas such as home equity. This is awesome! if for this year, they passed the $30k cap, this may be what contributed to the increase in your EFC. Thanks so much for the help....another thread gave me an idea. And prayer it works!
,momray -- I know exactly what you are saying. College work-study programs often fall under the same situation.
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