The EFC for the average American household with an AGI of 50000 will usually range from 3000 to 4000. The maximum Pell grant amount for the 2012-2013 academic year is 5500 and that would be awarded to students with an EFC of 0.
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The EFC is the number that results from filling out your FAFSA.
Fafsa efc number meaning. With that sort of EFC the family could qualify for need-based aid for their daughter from expensive private colleges. The EFC is not like Costco prices where some of the digits have special significance. If the school costs less than thatyou would pay the amount the school costs.
Probably the most important number is your Expected Family Contribution or EFC. The Free Application for Federal Student Aid or FAFSA is an application that families or individuals complete to apply for federal grants loans or work-study funds for college tuition and fees. The Expected Family Contribution EFC is a number that determines students eligibility for certain types of federal student aid.
There are EFC codes inside the the SAR Report some will require action on your part to correct mistakesincorrect information. A student with an EFC of 04995 would receive a Pell grant of 555 the smallest award given. The EFC is a mysterious six-digit number that may include leading zeros.
Instead this number is calculated by looking at how much financial aid youve already been awarded and subtracting that from your COA. EFC stands for Expected Family Contribution. But there are exceptions.
This number is calculated with the EFC formulas which use the information that students provide on the Free Application for Federal Student Aid FAFSA. I just reviewed my FAFSA and it says my EFC number is 13277 and that I am not eligible for a Federal Pell Grantwhat does this mean exactly. The FAFSA wont be available until Oct.
Once your FAFSA is processed you will receive a Student Aid Report that shows your processed EFC number. Yes a good thing. There are lots of numbers to consider when thinking about paying for college.
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. Estimated Family Contribution-- it is amount that is formulated for colleges that comes from the information provided through the FAFSA on what you and your family should be. An EFC that is under 5000 means that you will receive a Pell grant.
If your EFC is low and the cost of tuition is high youre more likely to qualify for need-based financial aid. What Is The FAFSA EFC Chart. Your FAFSA EFC is 41549.
Other factors which are involved are. 1 but in the meantime you can download the EFC Formula Guide for the current year and calculate your Expected Family Contribution. Get info on FAFSA here According to the FAFSA official site The Expected Family Contribution EFC is a measure of your familys financial strength and is calculated according to a formula established by law The EFC will be expressed as number equivalent to a dollar amount.
What Determines the Amount of Financial Aid. Your Expected Family Contribution EFC is the major driving factor in determining financial aid eligibility and the structure of the financial aid award. The lower the EFC the higher the grant so your EFC of 3175 means that you will receive a Pell but not a full one.
If both children attended schools that just use the FAFSA The EFC for each child would drop by half. Types of Non-Need-Based Financial Aid. An asterisk will appear next to your EFC number if you are selected verification.
It short the EFC has an effect on how much federal grant money you will be given for college expenses. According to FAFSA it is a measure of your familys financial strength and is calculated according to a formula established by law. An EFC number is the expected family contribution or the amount a family is expected to pay for their students college education.
FAFSA EFC number meaning. The application process is free and it is managed though the US. Your Year in College.
This is a federal grant grant meaning that the money does not have to be paid back. What Is a Good EFC Number. After you file the Free Application for Federal Student Aid FAFSA you will receive a Student Aid Report SAR that includes the expected family contribution EFC on the top right.
Your Expected Family Contribution EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. What does my FAFSA EFC number mean. The EFC or Expected Family Contribution is a measure of your familys ability to pay for college based on what you entered into your Free Application for Federal Student Aid Its a measure that many though not all colleges use to determine their financial aid offers for students.
This years FAFSA EFC formula includes nominal inflation-related adjustments to the Income Protection Allowance Adjusted Net Worth of a Business or Farm and Assessment Rates and. The information you report on your FAFSA including specific tax information and family income is used to calculate your EFC. Non-need-based financial aid is not determined by your EFC.
The EFC is the number that determines your eligibility for grants. This is the amount that the government says that you can afford to contribute for one year not in total for your childs college education. 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 childs college education.
If you are a full time student for the entire academic year you can expect to receive about. This means that your family will likely be expected to pay AT LEAST that amount when you attend college. So if the previous EFC was 48000 for her son with two in school the EFC for each child would be 24000.
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