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FAFSA |
| 0 |
| You should apply as soon as possible after January 31st or by Feb. 15th if at all possible. You can apply before you have filed your taxes by estimating them, but you will need to make changes to ensure that all the information is current and correct before you can receive a valid EFC number. |
| EFC means Expected Family Contribution. This
is a calculated figure that determines eligibility for Federal grants
and Work-study programs and many State Grant programs as well. It
indicates how much money the Department of Education (ED) expects
you or your family to contribute annually to your education in dollars
(an EFC of 7125 estimates that you have $7,125 to spend on education
for the upcoming academic year). Factors, such as family size, number
of family members in college, family savings, and current earnings
(information that you provided on the FAFSA) are used to calculate
this figure. It is not an accurate prediction that in real life you have that much extra cash on hand, nor is it an accurate assumption that you can annually extract this amount from your current income. |
| The College subtracts the EFC from the Cost of Attendance to determine your financial need. |
| Cost of Attendance | |
| - |
Expected Family Contribution (EFC)
|
| = | Financial Need |
| Based on your financial need, a school will prepare your financial aid package. |
For more information about Federal applications
or Title IV school code search, call 1-800-433-3243 or go to the
government site:
www.ed.gov/studentaid You may request tax transcripts by calling 1-800-829-1040, or by mail using IRS Form 4506, or request copies of your tax returns at: http://www.irs.gov/individuals/article/0,,id=110571,00.html Social Security:
www.ssa.gov:
Replace, apply for, correct, or make changes. |
|
~ Lyme Academy
College of Fine Arts ~ 84 Lyme Street Old Lyme, Connecticut 06371 - T: 860.434.5232 F: 860.434.8725 |
