Hi, I recently completed my fafsa, and my expected family contribution (EFC) was determined to be zero. I have yet to receive a financial package from my accepted school, but what does this mean? Does that mean I'll be able to take out the max amount of loans to cover everything? And (of course it depends on the school, but) will I receive any grants/need-based scholarships? I did not think there was much need-based aid out there. So is it common for people to have EFC of 0.
You're probably eligible for Pell grants or Stafford loans though, which is good. The financial aid the school offers is not necessarily tied to the FAFSA EFC though. They can give you more or less at their discretion.
For students with little to no income who aren't dependents of their parents, I'd say it's pretty common...
At the very least, no matter your school, you will be eligible for loans that cover the entire cost of attendance. Many schools will give you grants as well (more common at richer schools)
In case anyone (OP or otherwise) is confused about EFC significance, an EFC of zero means you'll be MORE eligible for financial aid, not less. (I can see someone thinking that it means they're eligible for zero financial aid)
What you're eligible for and what schools give is often disconnected. The Fafsa is just used by programs to determine members of the class that need the most aid.
