How to calculate the financial aid?
The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.
What is a financial aid verification worksheet?
Provide Required Verification Verification is the process your school uses to confirm that the data reported on your FAFSA form is accurate. If you’re selected for verification, your school will request additional documentation that supports the information you reported.
What is a good EFC number for FAFSA?
Once your FAFSA form is received, the schools arrive at a number between 0 and 4617 that will result in a federal student aid grant for the following academic year. Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all.
Does FAFSA cover all 4 years?
Please note that you can receive the Federal Pell Grant for no more than 12 terms or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit. If you have any questions, contact your financial aid office.
Can you max out financial aid?
If you are an undergraduate, the maximum amount of Direct Subsidized and Direct Unsubsidized Loans you can borrow each academic year is between $5,500 and $12,500, depending on your year in school and your dependency status (whether you are a dependent or independent student).
How does FAFSA verify income?
During verification, the college financial aid administrator will ask the applicant to supply copies of documentation, such as income tax returns, W-2 statements and 1099 forms, to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).
What is a verification worksheet?
The Dependent Verification worksheet is a document the Financial Aid Office sends to you if you’ve been selected for a process called “verification.” The U.S. Department of Education selects applicants for this process when it wants us to confirm information submitted on a FAFSA.
What is a good FAFSA EFC number?
What is the maximum FAFSA will give?
How much money can I get? Amounts can change yearly. The maximum Federal Pell Grant award is $6,895 for the 2022–23 award year (July 1, 2022, to June 30, 2023). your plans to attend school for a full academic year or less.
Does FAFSA only cover 4 years?
For details, contact your school’s financial aid office. Please note that you can receive the Federal Pell Grant for no more than 12 terms or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit.
Will FAFSA look at my bank account?
FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts. Whether or not you have a lot of assets can reflect on your ability to pay for college without financial aid.
Why did my FAFSA get flagged?
If you’re flagged for FAFSA verification, you’ll be asked to provide documentation that proves the information you submitted is accurate. The information you are asked to verify may include any number of items, including household size, adjusted gross income and taxes paid.