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. … However, if your family receives a low EFC number that is still higher than what is affordable, it is not a good EFC number.
What is a normal EFC?
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 is the highest EFC score?
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.
What is EFC too high?
If your family has accumulated wealth and investments
, your EFC can be high, even if your family's income is low. This includes checking and savings accounts, bonds and stocks, and even the student's 529 College Savings Plan. Some kinds of financial assets do not count toward your EFC.
Is 3000 a high EFC?
An Expected Family Contribution is a dollar figure that represents what financial aid formulas believe a family should be able to pay for one year of a child's college education. No. … The EFC for the average American household with an AGI of $50,000 will usually range from
$3,000 to $4,000
.
What is a bad EFC?
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 can I pay for college 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 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 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 EFC qualifies for Pell Grant 2020 21?
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.
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 is the highest fafsa EFC?
There is no maximum EFC
, so it can range from zero to any number. As college costs typically increase each year, the financial aid formula that calculates EFC is adjusted for inflation each year, says Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com.
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.
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
. For example, 12000 is $12,000.
Why do I have an EFC if Im independent?
Because the EFC formula for a dependent student uses parental data and the two formulas for independent students do not, the first step in calculating a student's EFC is
to determine his or her dependency status
. … The student is married or separated (but not divorced) as of the date of the application.
What are the EFC ranges?
An EFC can range from
0 to 999,999
. For example, if you had an EFC of 0, your family wouldn't be expected to make any financial contribution. On the other hand, if you had the 999,999 EFC, your family would be expected to pay for your entire cost of attendance.
