Help understanding student loans, grants, etc. FAFSA...

[SONYA G]

...EFC is 8,000? Does that mean that one can't get any grants, or other free money until the family contributes $8k. What if the family does not contribute can the student apply for for unsubsidized loans? also are those automatic loans to full time students or is it like applying for a regular loan and FICO and credit scores appy. What are other options for someone wanting to attend school with limited income?

[wk_coe]

An EFC sounds way too high to be eligible for anything from the government. It sounds like you either came from really rich parents who refuse to help you or made some major mistakes on the FAFSA.You can get a Student Signature private loan from Sallie Mae if you have good credit. If not, you will need a credit-worthy cosigner.

[dancedoodles]

The EFC is not a dollar amount it is a code that each school uses to determine the dollar amount that the family is expected to pay. You have to talk to your school's financial aid department and they tell you what the actual dollar amount is. Other than that I cannot answer this question because I am going through it myself right now and I have to get to the financial aid office for them to determine the actual EFC dollar amount.

[Praizegirls]

No, it does not mean that your family will have to pay $8000 before you can get any financial aid. What it does mean, however, is that your family doesn't demonstrate much financial need. You are still eligible for grants, loans, and work-study programs. Your financial package is highly dependent on the school you are going to. One thing you should try is talking to the financial aid office. You MAY be able to be declared as an independent student. Be aware, however, that the government is very strict on allowing people to be declared independent. If you are, though, you WILL be eligible for more financial aid unless you made a lot of money last year.One thing you need to do is look for scholarships. MANY scholarships are not dependent on your grades, but on hobbies, memberships, volunteer work, etc. Both your school and outside services will have scholarships you are eligible for. Try FastWeb.com to find scholarships based on your major, hobbies, and other factors.If you need help, feel free to contact me.