Once the FAFSA has been submitted and reviewed you will receive a Student Aid Report (SAR). Within the SAR is the Expected Family Contribution (EFC). The EFC is determined from your family’s income, assets, and benefits. In order to be eligible for a Pell grant your EFC must be less than $3,850.00. The EFC, Pell Grant, and Aid already received (scholarships from other sources) are then subtracted from the total cost of attending your desired institution. The amount left over is how much you are eligible to receive. Your package may consist of the following forms of financial aid:
Grants (do not have to be repaid unless enrollment changes within the year
received)
- -Pell Grants
- -Federal Supplemental Educational Opportunity Grants (FSEOG)
Work Study
- -provides students with the opportunity to work to pay off the costs
- -earn at least minimum wage
Loans (must be paid back regardless of enrollment)
- -Perkins Loan
- -FFEL Stafford Loan
- -Direct Stafford Loan
- -FFEL PLUS Loan
- -Direct Plus Loan
It is important to remember that the amount of aid you receive depends not only on your EFC, but how early you apply. Not all those needing aid will receive it. It is very important that the FAFSA be filled out as soon as possible.
