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What does an EFC of 7000 mean?
Understanding Your EFC This number is the amount of money that you and your parents can afford to pay towards college. For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000.
What does your EFC tell you?
Trying to understand the EFC number and what it means? An EFC number is the “expected family contribution”, or the amount a family is expected to pay for their student’s college education. It short, the EFC has an effect on how much federal grant money you will be given for college expenses.
What does EFC of zero mean?
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. A zero means a family has no ability to contribute to the student’s education.
What happens if my EFC is zero?
A student with an EFC of zero is considered a “full-need student.”
How is the EFC for a college determined?
Financial Need at a college is determined by this simple equation: Your EFC is generated through an analysis of parent and student income and assets as reported on the FAFSA, the Free Application for Federal Student Aid. Any family wishing to be considered for need-based financial aid must fill out and submit the FAFSA each year.
How is the Expected Family Contribution ( EFC ) calculated?
The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education for a given award year and can impact a students’ eligibility for certain types of federal student aid. The EFC is calculated according to a formula specified in the law, explain in detail in this chapter.
What does a lower EFC number mean for financial aid?
The lower the number the better for financial aid qualification. Colleges use your EFC Code to calculate your financial aid eligibility. Some people use a formula COA – EFC= Amount You Pay but in reality this understates in most cases what you will pay.
Where do I go to get my EFC number?
In order to arrive at your EFC, you must first complete the FAFSA (Free Application for Student Aid) form online. The information you provide on the FAFSA, which will include your previous year’s tax return, will affect your EFC.