Okay, so I’m going to ORU in the Spring. I have already completed my FASFA for 2009-2010 and my EFC score was 0. Will that cover all my tuition or will I need to pay out of pocket? Can I apply for a student loan as early as my freshman year? Is there a minimum amount you can request? Does your student loan come to you or the school? Thanks
Related Post:
Other Post :
- I am curently in 7th grade at a public school in Pittsburgh & I might transfer to a private school. . . ?
- Any Parents Here Want To Go Back To College?
- Does this really work (see details)?
- Fulbright 2010-2011 | Fulbright Scholarship 2010-2011 | B4tea.com
- need help finding high approval student loans?
With an EFC of 0 it means that the government doesn’t not think your family should be able to pay a cent towards tuition. This will make you eligible for grants and loans. Depending on how much the loans are for, you may need to take out additional loans to cover the cost of your education. For a step-by-step guide at how to file for financial aid, see here: http://www.ehow.com/how_5391500_apply-financial-aid-money-college.html
If your EFC is 0 than all of your tuition should be paid for. Books, housing and anything else you may need for school will depend on the school. Some schools request extra for things like clothes, transportation, and housing. Other schools only request extra for books and on-campus housing. But the main tuition and books will be covered with an EFC of 0. FASFA goes for grants, scholarships your school/state may give away, and for loans. If your wanting a private loan than your going to be needing your parents information and they will need to have good credit. Private student loans go directly to you but any government student loan (from any lender) will go straight to the school (and also has to be approved from the school first).
It will depend on the cost of your school. There’s a maximum to the Pell Grant and to state grants, as well as to Stafford loans. The Pell maximum for this year is 5,350 (for the full year, if you only go one semester then all of these amounts will be ~ half). State grants vary, so there’s no way for me to tell you the maximum on those (if you filed your fafsa before your state deadline (for 2009/2010 the deadlines began as early as Feb of 2009). The maximum for 2009 for a stafford loan for a dependent freshman is $5,500/year. Yes, if you still have tuition, book, room and board, etc… you can still apply for a loan. EFC of 0 means that you should be getting the full amount of Pell (or close to it); however, that will only be about $3,000 for the Spring semester (or less). Good luck! Don’t forget to apply again in January for 2010-2011
ORU provides a “scholarship calculator” for incoming students here:
http://webapps.oru.edu/new_php/financial_assistance/scholarship_calculator_freshmen/
- which may help you get an idea of non-loan assistance you’ll receive. (I’d take the results with a few grains of salt.)
Remember that FAFSA is not an agency and does not provide any financial aid – it’s a form that schools which distribute Federal student aid are required to use as a basis for that distribution. An EFC of 0 tells ORU that your financial need is 100% of the “cost of attendance” at ORU. (Cost of attendance is different for each school and should include tuition, fees, room and board if you’re living on campus, required books and materials, and some living expenses.) What ORU (or any other school) does with that information will depend on their resources and their policies regarding meeting financial need. You will probably receive a mix of grants/scholarships (which don’t need to be repaid) and loans in your financial aid offer.