Is it better to have a high or low EFC?
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 if I have a high EFC?
If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. In those cases, the government assumes your family can afford all the costs of college.
What percent of income is EFC?
In short, there is a method for determining your EFC but it’s not easy to understand. Student income is assessed at 50 percent and assets at 20 percent. A student’s hearty savings account can really inflate an EFC, but there is an income protection allowance of $6570.
What is the highest EFC number possible?
999,999Use of the expected family contribution Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.
What is the average EFC?
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 max EFC to receive a Pell Grant?
5711The maximum expected family contribution (EFC) eligible for a Pell Grant for the 2020–21 Award Year is 5711 as compared to 5576 for the 2019–20 Award Year.