Quick Answer: What Does The Efc Number Mean On My Fafsa?

What is a good EFC number on fafsa?

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 my fafsa EFC code 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 EFC of $10000 mean?

Most schools do not meet 100% of financial need for all of their students. 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. Insights into how colleges determine how to award you aid.

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Why is my EFC so high?

For most students, a high household income will be the reason for a high EFC. EFC increases as the family’s household income increases, holding all other factors constant. The formula does NOT ask for the incomes of other household members, and does increase if the student in question has a higher income.

Is it better to have a higher or lower EFC?

The higher the EFC score, the more you are expected to pay. Families should keep in mind the EFC is usually the minimum a college expects a family to pay. Many times, families will pay much more. A high EFC score means your student will receive less need-based federal financial aid to attend college.

What is a bad EFC number?

Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all. 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.

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.

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What is the lowest EFC for financial aid?

The lowest possible EFC is $0. An EFC of zero means that the financial aid formula has determined that the family cannot afford to pay anything towards college. Families with adjusted gross incomes (AGI) of $25,000 or less have an automatic EFC of $0.

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.

What is a high EFC number?

Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all. The numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you’ll have to help pay for tuition and fees.

How do I lower my FAFSA EFC?

Legal Ways to Reduce Your Expected Family Contribution

  1. Maximize Household Size. The larger your household size is, the lower your EFC will be (in most cases).
  2. Increase College Attendance Among Family Members.
  3. Wait Until the FAFSA Considers You Independent.

How can I pay for college if my EFC is too high?

5 ways to pay for college when the EFC from your FAFSA isn’t affordable

  1. Brainstorm with your parents.
  2. Negotiate with your potential schools.
  3. Apply for state grants and private scholarships.
  4. Start a part-time job or side hustle.
  5. Consider federal and private loans.

What is the maximum EFC to be eligible for a Pell Grant?

The maximum expected family contribution (EFC) eligible for a Pell Grant for the 2021–22 Award Year is 5846 as compared to 5711 for the 2020–21 Award Year.

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Is the 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.

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