What does my fafsa EFC number mean?
What does my fafsa EFC number mean?
Your EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. Your EFC is not the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive.
What is a good fafsa EFC number?
The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
What does an EFC number mean?
Expected Family Contribution
Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. The EFC factors in your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security).
What does EFC of $10000 mean?
The last factor to consider is how much of your financial need each college is able to meet. If your EFC is $10,000, your financial aid package may still require you to pay $12,000, $15,000 or $20,000, depending on the tuition and expenses each college charges.
What does an EFC of 12000 mean?
For example, 12000 is $12,000. This means that the federal government (and colleges) expect your family to be able to reasonably contribute $12,000 per year towards your college expenses. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point.
What EFC qualifies for Pell Grant?
The Department of Education will use your family’s income and expenses to calculate your Expected Family Contribution (EFC). To be eligible for the Pell Grant for the 2021-2022 academic year, your EFC needs to be at or below $5,846. Because of this, there is no set income cutoff for Pell Grant eligibility.
What does an EFC of $50000 mean?
Here’s how: under the formula, the EFC is for the total family contribution, not per child. Even with an EFC as high as $100,000 (from income of about $200,000), after a 50/50 split the EFC is $50,000 for each child, less than the average cost of many elite schools.
What does an EFC of $20000 mean?
A lower EFC is more likely to get you more financial aid. For example, if your EFC is $10,000 and the school’s cost of attendance is $20,000, your calculated financial need is $10,000. If your EFC is $5,000 and the school’s cost of attendance is $20,000, your calculated financial need is $15,000.
What does an EFC of 50000 mean?
What is a good EFC?
A “good” EFC score, meaning that you are eligible for the most aid is, zero . Generally, the lower your EFC score, the more aid you are eligible for. Additionally, students with a zero EFC score will also be eligible for different types of aid, specifically grants that do not need to be paid back.
What is a good EFC number?
Good EFC number is 0 if you want the most financial aid. If you have 0 EFC, federal, state, and institution will give you the max aid allowed under their their specific guidelines.
What does EFC mean for financial aid?
EFC is the measure of a family’s financial strength generated by the information provided on the FAFSA , the U.S. Department of Education form used to distribute federal financial aid. Many don’t realize it is an estimate, and the amount a family will actually pay can be significantly below or above this number.
What is the EFC number mean?
An EFC number is the “expected family contribution”, or the amount a family is expected to pay for their student’s college education.