calculating their cost-of-attendance numbers, many schools include
not only tuition and books, but also living expenses and travel.
But maybe George lives at home, or has limited living expenses.
Therefore, while the school estimated the annual cost to be
$5,400, his bill from the school may be considerably lower than
that. If this is the case, then George will have money left
over to keep after all his school expenses are paid.
George's EFC was $2,700, he would still receive a $2,031 Pell
Grant. Keep in mind that this is only the Pell Grant money;
there are many other awards that he might receive and not have
to pay back, such as scholarships and the FSEOG (Federal Supplemental
Educational Opportunity Grant).