What does the FAFSA EFC number mean?

What does the 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 24000 mean?

Say your EFC is $24,000 (for one year). At a public university that costs $23,000, you have no need, according to the FAFSA formula. But at a private college that costs $71,000, you do have need ($71,000 – $24,000 = $47,000), and you could receive an institutional grant.

What is a good 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 does an EFC of 15000 mean?

An EFC of $15,000 means that is the minimum amount you will have to pay for your dependent’s education in one year. It is important to understand that this number is the same whether you have one or five children in college. Financial need can be found after you determine your EFC.

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 12000 mean?

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.

Is an EFC of 10000 good?

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. Most schools do not meet 100% of financial need for all of their students.

What is a bad 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. 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.

What does an EFC of 7000 mean?

Understanding Your EFC This number is the amount of money that you and your parents can afford to pay towards college. For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000.

What does an EFC of 10000 mean?

If by “EFC” you mean the one calculated from FAFSA, it is used to calculate Pell grant amounts; if your FAFSA EFC is below the maximum Pell grant amount, you get a Pell grant of the maximum Pell grant amount minus the FAFSA EFC. $10,000 is higher than the maximum Pell grant amount, so no Pell grant.

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.

Is the EFC for 4 years?

Colleges use a student’s EFC to determine a family’s financial need. That need is calculated by subtracting the EFC from an institution’s cost of attendance for one year, which includes the college’s tuition. There is no maximum EFC, so it can range from zero to any number.

How is the EFC code used for financial aid?

Colleges use your EFC Code to calculate your financial aid eligibility. Some people use a formula COA – EFC= Amount You Pay but in reality this understates in most cases what you will pay.

When does the EFC change on the FAFSA?

EFC is being replaced with the Student Aid Index, or SAI, on the 2024 to 2025 FAFSA. The name change should make it clearer that this is a number used in financial aid calculations and isn’t necessarily the amount a family pays for college. There are also some changes to the formula for calculating the number.

Is the EFC code the same as the SAR code?

Clarification: EFC Code/s can refer to your family’s number or SAR codes link above. A good EFC number? The lower the number the better for financial aid qualification.

What does total cost of attendance less EFC number mean?

Total Cost of Attendance Less EFC Number = Financial Need. This is the starting point but various circumstances dictate the actual financial aid award. What is the FAFSA “ISIR”?

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