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What does my fafsa 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 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 EFC number 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.
Is a high EFC good?
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 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.
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 a string of 0s on an EFC mean?
If your EFC has a string of “0s” it means that your Expected Family Contribution is $0. This means that given your family’s financial situation, the college in question does not expect your family to contribute any amount of money to your education.
What does your EFC number mean if it is not 00000?
What does your EFC number mean if it is not 00000? [ Strategy Alert ]: As referenced above, your EFC number is subtracted from the total cost of attendance of each school to arrive at a financial need number. However most schools do not meet 100% of your financial need number when they provide you with a financial aid award.
What do the letters EFC stand for in government?
What Do The Letters EFC Stand For? EFC stands for Expected Family Contribution. This is the amount that the government says that you can afford to contribute (for one year, not in total) for your child’s college education.
What does the EFC stand for in FAFSA?
EFC stands for Expected Family Contribution. This is the amount that the government says that you can afford to contribute (for one year, not in total) for your child’s college education. According to FAFSA , it “is a measure of your family’s financial strength, and is calculated according to a formula established by law.”