The FAFSA will submit this information to the schools you have listed. From there expect to be asked to submit a few more documents. After doing so, they should send you your Financial Aid Award Letter. This will list how much you should receive in loans, grants, work study, and possible scholarships you qualify for.

Typically, the lower the EFC, the more financial aid you will receive. Factors such as family size, number of children in college, savings and income—all of which are included on the FAFSA—are used to calculate your EFC.

Once your FAFSA is processed, your family will receive a Student Aid Report (SAR) which contains the official EFC figure. The same information is also sent to the schools your child listed on the FAFSA.

Next, the financial aid administrator (FAA) will determine your financial need. Need is defined as the difference between the cost of attending college and your EFC. If there is a difference, your family may be eligible for aid.

Cost of Attendance

– Expected Family Contribution

= Financial Need

Based on your financial need, the FAA will prepare your financial aid package. The financial aid award letter tells how much financial aid you could receive through federal, state, and college-based programs if you accept admission at a particular college.

You will also likely to be eligible for Federal Work Study as well. See attached publication for a great resource about the Pell grants and other types of fin aid.