- What does an EFC of 5000 mean?
- What do I do if my EFC is too high?
- Is EFC a dollar amount?
- Do you have to pay EFC?
- What is a normal EFC?
- What is considered a high EFC?
- What does my fafsa EFC number mean?
- Is a high or low EFC better?
- Why is my EFC number so high?
- How do I lower my fafsa EFC?
- How do I find my EFC?
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 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.
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 you have to pay EFC?
When you file the Free Application for Federal Student Aid (FAFSA), your income, asset and personal information are used to calculate the Expected Family Contribution, which also is known as the EFC. … Despite the name, the expected family contribution has little to do with the actual amount you will have to pay.
What is a normal 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.
What is considered a high 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. … 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 does my fafsa EFC number mean?
Expected Family ContributionYour Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. … Note: Your EFC isn’t the amount of money your family will have to pay for college and it isn’t the amount of federal student aid you’ll receive.
Is a high or low EFC better?
Generally the lower a family’s EFC number, the more likely a student will receive financial aid. But an EFC’s significance is often more complicated. “There’s no ‘good’ EFC because it is a range.
Why is my EFC number so high?
For most students, a high household income will be the reason for a high EFC. … This makes it perhaps the most important factor in the EFC formula. The EFC formula takes into account both parents’ incomes and the student’s income, with higher-income families expected to contribute more to their student’s education.
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.
How do I find my EFC?
At a school where the COA is $30,000, your calculated financial need is $30,000 (COA) – $15,000 (EFC) = $15,000 (Financial Need). Imagine your EFC is $22,000. At a school where the COA is $30,000, your calculated financial need is $30,000 (COA) – $22,000 (EFC) = $8,000 (Financial Need).