- 1 What is a good EFC number?
- 2 What do the EFC codes mean?
- 3 What does it mean to have a EFC of 00000?
- 4 What is high EFC?
- 5 Why is my EFC so high with low income?
- 6 What is a bad EFC number?
- 7 How do I know my EFC?
- 8 What’s the highest EFC number?
- 9 Why does my EFC start with 00?
- 10 How do I get my EFC to zero?
- 11 Why is there an asterisk next to my EFC?
- 12 What do I do with my EFC number?
- 13 Is EFC a dollar amount?
- 14 What if my EFC is more than tuition?
- 15 What does an EFC of 50000 mean?
What is a good 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 do the EFC codes mean?
EFC stands for Expected Family Contribution. The EFC code number you receive after you complete a FAFSA (Free Application for Financial Aid) is the amount your family is expected to contribute for one year (the school year to which the FAFSA applies).
What does it mean to have a EFC of 00000?
What is Expected Family Contribution EFC 00000. If your financial aid report shows an expected family contribution of 00000, this means $0 or zero dollars you are expected to pay for college, which is great! You will be eligible for a lot of federal financial aid for college, but not all of it will be free.
What is high EFC?
The higher the EFC score, the more you are expected to pay. The higher the EFC, the more money the government thinks you can pay for college because of your financial strength. A high EFC score means your student will receive less need-based federal financial aid to attend college.
Why is my EFC so high with low income?
If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. Parents that withdraw from their 401k to pay for a student’s education are in fact increasing their EFC, because that withdrawal is counted as untaxed income on the FAFSA.
What is a bad EFC number?
Even though 500 is a fairly low EFC number, if your family already lives on a tight budget, finding an extra $500 may seem impossible, making it a bad EFC number.
How do I know my EFC?
Schools use the EFC to determine your federal student aid eligibility and financial aid award. You can find your EFC on the first page of your Student Aid Report. Note: 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’s the highest EFC number?
Generally speaking, the lower the EFC, the higher the financial aid award will be. Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.
Why does my EFC start with 00?
If the adjusted gross income of the student’s parents is low enough, you automatically get 0. This means both the parent’s and student’s assets are not counted in the EFC calculation, and may lead to a 00000 EFC result. A student will also have a 0 EFC if they are considered independent from their parents.
How do I get my EFC to zero?
Zero is the lowest EFC number; 99,999 is the highest. If a dependent students ‘ family’s income is less than $24,000 and government assistance was needed for that filing year, the EFC will automatically be zero.
Why is there an asterisk next to my EFC?
The school uses the EFC to determine how much federal student aid the student may be eligible to receive. An asterisk (*) that displays next to the EFC indicates that the transaction has been selected for verification. If a “C” displays next to the EFC, it means that the SAR C Flag is set to yes.
What do I do with my EFC number?
The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.
Is EFC a dollar amount?
According to the FAFSA official site, “The Expected Family Contribution (EFC) is a measure of your family’s financial strength, and is calculated according to a formula established by law” The EFC will be expressed as number equivalent to a dollar amount. For example, 12000 is $12,000.
What if my EFC is more than tuition?
If your EFC is greater than the cost of attendance, there’s a very slim chance you will receive any financial aid. The only option for you, then, would be to take out a unsubsidized Stafford loan or PLUS loan in the event that you needed assistance in paying for school.
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.