Friday, September 23, 2011

Why do some people get more financial aid than others?

I have seen countless examples of people with same EFC and family financial situations getting completely different packages. I know people who are both in very dire financial situations, but some get full rides, while others just get some grant money and tons of loans. It does not make sense.|||Only federal and state forms of aid are dependent entirely on EFC. The school is free to offer whatever funds that they have to students based on their own formulas. Some schools have a lot of money available to help students fund their education in the forms of scholarships, tuition waivers, etc. Other schools have relatively little available and it ends up not going as far. At most schools financial aid packages are highly individualized. Two students with the same EFC might get the same amount of pell grant money. But, if one student has an average GPA, average test scores and no community service they might not qualify for as much institutional aid as an excellent student with tons of community service. So, it depends on the EFC, the school and the individual student. This is why it's important to apply to several institutions and compare financial aid packages before making a final decision.|||They may have better grades or they may be less fortunate

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