Question: What Do I Do With My 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..

How can I lower my EFC number?

Legal Ways to Reduce Your Expected Family ContributionMaximize Household Size. The larger your household size is, the lower your EFC will be (in most cases). … Increase College Attendance Among Family Members. … Wait Until the FAFSA Considers You Independent.

How do I lower my fafsa EFC?

“Common advice: pay down debt and make big purchases before filing the FAFSA.” If you have a lot of savings consider spending some of those savings towards paying off your debt. This has the primary advantage of reducing your EFC, the asset base by which your need is assessed.

How much financial aid will I get with an EFC of 0?

With an EFC of 0, you can be sure of receiving the maximum allowed Pell Grant for the year ($6345 for 2021) as well as qualifying for the maximum government subsidized loan.

Is EFC a dollar amount?

Your EFC is a number used by your school to calculate how much financial aid you are eligible to receive. It is an index number — not a dollar amount of money your family will have to pay for college. The EFC is calculated according to a formula established by law.

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. Unfortunately, this is simply not the case. Most schools do not meet 100% of financial need for all of their students.

Why is my EFC so high?

If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. … Parents that withdraw from their 401k to pay for a student’s education are in fact increasing their EFC, because that withdrawal is counted as untaxed income on the FAFSA.

Why does my EFC start with a 0?

Zero is the lowest EFC number; 99,999 is the highest. If a dependent students’ family’s income is less than $24,000 and government assistance was needed for that filing year, the EFC will automatically be zero. A zero means a family has no ability to contribute to the student’s education.

What is the max income for Pell Grant?

Most Pell Grants are awarded to students whose families make less than $30,000 annually. Some Pell Grants are awarded to students whose families make $30,000-$60,000 annually. It’s possible but rare for students to be awarded the grant if their families make more than $60,000 annually.

Can I get fafsa if my parents make a lot of money?

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. It doesn’t matter if you have a low or high income, you will still qualify for some type of financial aid, including low-interest student loans.

How much money can you make and still receive fafsa?

Although there are no FAFSA income limits, there is an earnings cap to achieve a zero-dollar EFC. For the 2020-2021 cycle, if you’re a dependent student and your family has a combined income of $26,000 or less, your expected contribution to college costs would automatically be zero.

What is a good EFC number?

An EFC number under 5273 often qualifies you for a work study job. While most of these jobs are catered to students, giving them flexible hours and time to study, their pay is often low and any money earned is directly applied toward tuition and fees.

Does fafsa look into bank accounts?

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

How do I find my EFC?

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.

How much aid will I get based on my EFC?

You can’t receive more need-based aid than the amount of your financial need. For instance, if your COA is $16,000 and your EFC is 12000, your financial need is $4,000; so you aren’t eligible for more than $4,000 in need-based aid.

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.

Is it better to have a higher or lower EFC?

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.

What is the average EFC score?

The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university.

What is the highest EFC score?

999,999Generally 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 does an EFC of 20000 mean?

Merit StudentMerit Student With EFC of 20000 This merit student didn’t qualify for any need-based loans or grants. With that said, she has won a national competition, is active in the community in volunteering, and holds leadership positions in two clubs at school.