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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 does an EFC of $14000 mean?
Amount of Financial Need = (Cost of Attendance) – (Expected Family Contribution) So, if a school’s COA is $42,000 and the student’s EFC is $28,000, the calculated financial need is $14,000.
What is a high EFC?
The higher the EFC score, the more you are expected to pay. The higher the EFC, the more money the government thinks you can pay for college because of your financial strength. A high EFC score means your student will receive less need-based federal financial aid to attend college.
What is a good FAFSA amount?
Average and maximum financial aid
| Type of Aid | Average Amount |
|---|---|
| Federal Direct Stafford Loan | $5,800 (dependent) $7,630 (independent) |
| Federal Work-Study | $2,340 |
| Federal Supplemental Educational Opportunity Grant | $670 |
| Total Federal Student Aid | $13,120 (dependent) $14,950 (independent) |
There are lots of numbers to consider when thinking about paying for college. Probably the most important number is your Expected Family Contribution, or EFC. Understanding your FAFSA EFC number will help you navigate the financial aid process so you can maximize the amount of aid that you will receive. What is the EFC?
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. However, this does not mean that you will automatically be given a full ride.
What counts as an asset on the FAFSA?
Assets on the FAFSA. An asset is essentially any money that you have readily available. For the purpose of filling the FAFSA, these are counted as assets: Money that is deposited in checking accounts and savings accounts.
Is the Sai the same as the FAFSA EFC?
In December 2020, Congress passed a new spending bill which included some big changes to the FAFSA and federal financial aid process. One of those changes was turning the Expected Family Contribution into the Student Aid Index. This change will be largely semantic–the SAI will serve the same purpose as the EFC.