Seog Grant Financial Need
Need help with financial aid? Ten points!?
Hello, I have a 4.0 GPA and a 2170 SAT score. I am looking to transfer to Florida Institute of Technology in January. It is private, and thus insanely expensive. My EFC of 20,355 makes me ineligible for PELL, SEOG, SMART, or other grants that require a low EFC. I know I can easily obtain about 19,000 just in merit-based aid.
My question is, if the total cost of the university is around $40,000 a year, and my EFC is $20,355, does that mean they will give me $19,645 in need-based financial aid? Is that how it works?
Ten points to best answer. Please no “I think so, I’m not sure” answers. If you don’t know for sure, please don’t answer. I need someone who really knows what they’re talking about, as this is very important to me.
Thank you!
Bumblebee, can you read? I specifically said, no “I’m not sure” answers.
Not necessarily. As it is a private school then they may have more institutional scholarships/grants to award than a state school. But it doesn’t mean that they will give you $19645 in need-based aid. I work for a state school so it’s different, but we award need-based aid to the neediest students first and go up in EFC until we run out of money to award.
Your EFC is used in conjunction with the COA to determine your financial aid package. Are you going to be a freshmen? If so, you would only be eligible for up to $3500 in a Subsidized Stafford Loan (where payments and interest are automatically deferred while you are in school). You will most likely be awarded loans than scholarships/grants with a higher EFC such as you have.
The truth of the matter is no one here can really tell you what may or may not happen. You will have to contact the financial aid office for specific information.
Good luck!