What Is A Good EFC?

What do I do if my EFC is too high?

What If My Family Can’t Meet Our EFC?What is EFC?Discuss Your Options With Your Parents.Understand How Your EFC Was Derived.Appeal your Financial Aid Award.Apply For Scholarships and Grants.Work Part-Time or Freelance.Take A Year Off.Consider Private Student Loans..

How is EFC determined?

The EFC is calculated according to a formula established by law. Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. … It is a number used by your school to calculate how much financial aid you are eligible to receive.

How do I lower my fafsa EFC?

Maximize Household Size The larger your household size is, the lower your EFC will be (in most cases). The Free Application for Federal Student Aid (FAFSA) considers someone a part of a household if they live at home and if the parent or parents provide more than 50 percent of the dependent’s support.

What EFC qualifies for Pell Grant?

To meet the Pell Grant requirements, you’ll need to meet all the federal eligibility requirements for financial aid and prove that your expected family contribution is at or below $5,140 for the 2019-2020 school year. Currently, the maximum Pell Grant award is $6,195.

What is EFC on fafsa chart?

Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. Your EFC is calculated according to a formula established by law and the information from your Free Application for Federal Student Aid (FAFSA).

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.

What does an EFC of 5000 mean?

Say your EFC is 5,000. That means your family is expected to contribute 5,000 to your yearly college costs. Every school is going to have a different cost of attendance (COA) depending on how much you’ll spend on tuition, books, housing, and other factors.

What is the average 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. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000.

Why is my EFC so high?

If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. In those cases, the government assumes your family can afford all the costs of college.

What’s 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.

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 my EFC number?

The EFC number will be located on the top-right of the Student Aid Report (SAR) you receive, either electronically or physically, a few weeks after filing your FAFSA. This same SAR is sent to every school you list as a recipient on your FAFSA.

What does a low EFC mean?

When it’s put on paper, your EFC is a simple dollar figure. … A low EFC means you may be eligible for a larger financial aid package, while a high EFC means you may have to rely on unsubsidized loans to cover any costs your family can’t afford. Behind the scenes, the EFC you receive is based on a complicated formula.

Is an EFC of 10000 good?

The last factor to consider is how much of your financial need each college is able to meet. In a perfect world, all schools would meet 100% of a family’s financial need. So, if your EFC was $10,000 – no matter where you attend – you would know you wouldn’t pay more than $10,000 each year.

Does EFC 0 mean full ride?

A student with an EFC of zero is considered a “full-need student.”

Is EFC a dollar amount?

The student’s EFC is the minimum amount the student is expected to contribute toward the cost of college. Thus, EFC represents a dollar amount. It is the “output” of the aid forms and calculations.

Do my parents make too much for fafsa?

MYTH 1: My parents make too much money, so I won’t qualify for any aid. FACT: The reality is there’s no income cut-off to qualify for federal student aid. … In fact, some schools won’t even consider you for any of their scholarships (including academic scholarships) until you’ve submitted a FAFSA.

Is fafsa EFC per year or total?

(The EFC is an annual amount.) Families with a combined adjusted gross income of around $150,000 can expect to have an EFC that exceeds $30,000 for the year just from income.