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 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 does an EFC of $14000 mean?
So, if a school's COA is $42,000 and the student's EFC is $28,000,
the calculated financial need
is $14,000. While your Expected Family Contribution will not impact non-need-based awards (like merit scholarships), the need-based aid you receive won't exceed your EFC.
What does a 15000 EFC mean?
What Does a High EFC Mean? Your EFC is the amount of money the government thinks your family can afford to put toward a student's college education for that year. So if you have an EFC of $15,000,
the government expects that your family can pay for that much of the college bill this year
.
What does EFC of 20000 mean?
EFC Determines Your Financial Need
So if the total COA (Tuition & fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family's EFC from the FAFSA was $30,000, they would have
$20,000
of financial need. This does not mean you will receive a financial aid package totaling $20,000.
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 an average EFC score?
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.
How do I get my EFC to zero?
If the adjusted gross income of the student's parents is low enough
, you automatically get 0. For 2021-2022, that number was $27,000 or below on your 2019 income tax return. If your income is below $49,999, your family qualifies for a simplified needs test.
What does a EFC of 6000 mean?
This means that you
will not get sufficient financial aid at MOST schools
to cover the Cost of Attendance minus your aid. In other words…there will be a “gap” which you will also need to fund.
How do I reduce my EFC?
- Maximize Household Size. The larger your household size is, the lower your EFC will be (in most cases). …
- Increase College Attendance Among Family Members. …
- Wait Until the FAFSA Considers You Independent.
What is a bad EFC number?
Overall,
there is no such thing
as a bad EFC number as long as your family can afford to pay or cover with scholarships the EFC and whatever the difference is between financial aid and tuition.
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 do I do if my EFC is too high?
- Brainstorm with your parents.
- Negotiate with your potential schools.
- Apply for state grants and private scholarships.
- Start a part-time job or side hustle.
- Consider federal and private loans.
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 EFC qualifies for financial aid?
Families should also keep in mind that those with an
EFC of 5576 or lower
are eligible for Pell Grants for the 2019-2020 award year, according to the Department of Education. The Pell Grant helps students from low-income households pay for college and is the largest federal grant program available to undergraduates.
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.
