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Should I be doing something extra for financial aid?

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gmatclb
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Should I be doing something extra for financial aid? [#permalink] New post   12 Jun 2007, 09:12
So I filled out my FAFSA and sent it out to the school I'm waitlisted at.

I know my expected financial contribution (EFC). So if I get in, does this mean that I'm covered financially this coming school year for all the expenses (tuition and living) assuming I cover the expected financial contribution?

How much money will I get? Does the school decide or does FAFSA see the school's expected yearly budget and decide?
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johnnyx9
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[#permalink] New post   12 Jun 2007, 11:59
The way a FAFSA rep explained it to me when I called was like this:

FAFSA (or whatever the name of the actual department is called) provides schools with an EFC (expected family contribution) which is basically what they calculate a person should reasonably be able to pay out of their own pocket.

Schools, who receive a certain amount of federal funds for Stafford loans then decide how to structure each students financial aid package. So I guess people w/ very low EFC's get the bulk of subsidized loans, while people w/ high EFC's probably just get unsubsidized Stafford loans. Then students have to take out private loans for the balance of their tuition and/or living expenses that they can't cover out of their pocket.
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gmatclb
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[#permalink] New post   12 Jun 2007, 12:22
Is it an unwritten rule that schools will decide admits and rejections on a candidate's EFC? (assuming both candidates are close)


I know it's probably illegal, but they could be doing all sorts of things in the "black hole."
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[#permalink] New post   12 Jun 2007, 12:47
I don't know. I'm guessing the whole money thing is the last thing on schools' minds. They're probably just more interested in getting the best students they can. So they probably think about merit scholarships and such to attract certain candidates, but I doubt they put too much thought into how to distribute their subsidized loans, seems like it would seriously complicate their admissions methodology with a very marginal benefit.
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lepium
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[#permalink] New post   12 Jun 2007, 14:22
gmatclb wrote:
Is it an unwritten rule that schools will decide admits and rejections on a candidate's EFC?


I don't think so, they don't ask you to detail that until you have been admitted. They could figure out something from your salary data, but at the end of the day it depends a lot on your spending habits, people you support and lifestyle that they would not be able to predict it accurately enough.

I'd say they don't. L.
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gmatclubot
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12 Jun 2007, 14:22

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