Your FAFSA EFC is not the amount of money your family will have to pay for college during one year, nor is it the amount of federal student aid you will receive. It is a number used by schools to calculate how much federal financial aid you are eligible to receive. The information you report on your FAFSA is used to calculate your EFC.
For example, if you enrolled as a full-time student at Loyola AND your FAFSA EFC is “0”. you would be eligible for a $5,550 Pell Grant during the 2012-2013 academic year.
The EFC is calculated according to a formula established by Congress. Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year. The EFC Formula Guide shows exactly how an EFC is calculated.Remember, if you completed the FAFSA will estimated income data , your award is tentative until you updated your FAFSA with actual income figures from your completed 2012 federal income tax return.
If you’d like to learn more, go to: http://www.loyno.edu/financialaid/expected-family-contribution-calculation
But how much will my family REALLY have to pay?
· Remember when we talked about the “Cost of Attendance” ? Keep in mind that the figure you receive from a school reflects an “average” cost. The specific choices you make concerning housing, meal plans, etc. can either raise or lower your actual costs for a year.
o College Cost Comparison Worksheet —use this as you review information from different colleges
· The Financial Aid Office will subtract your FAFSA “EFC” from the Cost of Attendance to determine your eligibility for all “need-based” federal and state aid programs.
· The bottom line is that your ACTUAL family contribution will be the difference between your ACTUAL Cost of Attendance minus all need-based federal , state and institutional merit scholarships and need based grants offered to you by an institution.
o Learn more about the different types of aid at http://studentaid.ed.gov/types.
o Learn more about financing options available to parents.
o Learn more about the military’s ROTC Programs.
Are You Ready for Some Football?
We are ready for all of you to come visit! Click on the graphic to listen to Beau Jocque’s ”Mardi Gras”
May the best teams win in the championship games that will be played later today!
Cathy Simoneaux (January 20, 2013)