Myself and my fiancee live together with our two kids, they are currently all dependent on my income. My EFC was 892, and I was told that is how much I have to pay, that didnt make much sense to me because the way I understood that was the number used to determine if I was able to get a Pell Grant. Can someone please tell me what it means lol, I dont meet with the advisors until august and this has me confused!! :) Thanks
NotAnyoneYouKnow
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When you completed the FAFSA, you had the opportunity to indicate that you are responsible for more than 50% of the financial support of your children. That would qualify you as an independent student for financial aid purposes.
I'll disagree, but with all due respect, with the previous respondent, who suggested that you can not claim financial responsibility for your fiancee.
You can claim a household size of 4 (you, the two kids and your fiancee) if she lives with you and receives more than half of her support from you. This rule for "other" dependents applies to anyone other than your children or your wife.
Anyway -- what you really want to know is how much your Pell Grant is going to be - that answer is $3881 for the 2008-2009 academic year - payable directly to your school in two halves - a fall check for $1940.50 and a spring check for that same amount.
The maximum possible Pell grant (for an EFC of zero) is $4731.
I hope that helped.
Dani
EFC is "Expected Family Contribution." This is the amount of money you will be expected to pay and will not be covered by financial aid.
Here is a good article on how EFC is calculated: http://www.getreadyforcollege.org/gPg.cfm?pageID=1334
Hope that helps!
bamaglory
expected family contribution. this is based on income since you are not married it means you are a family of 3 not 4.