Do you know the meaning of the following list of acronyms? Maybe it looks like alphabet soup, but it can mean a lot of $$$ if you are on the hunt for financial aid.
FAFSA (Free Application for Federal Student AID)
EFC (Expected Family Contribution, based on ability to pay, not willingness to pay!)
COA (Cost of Attendance)
COA-EFC= Need (What the colleges base their offers on)
Pell (federal grant for the neediest students, $5550 max)
SEOG (Supplementary Education Opportunity Grant -- campus based, $3000 max)
Teach (Service linked federal grant, $4000 max, only for people willing to teach in high need subjects or schools for 5 years)
Stafford (Subsidized and unsubsidized loans, 6.8% interest for subsidized, from $5500 to $7500 max)
PLUS (Parent Loan for Undergraduate Students 7.9% interest)
CSS (College Scholarship Service, financial aid application administered by the College Board, $25 for first school, $16 for each additional school)
And the best advice: Pay attention to deadlines, because if you miss them, the bulk of the available funds may havev already been allocated to other students!
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