Quick Answer: What Is The Average EFC For Fafsa?

What does your EFC have to be for a Pell Grant?

To meet the Pell Grant requirements, you’ll need to meet all the federal eligibility requirements for financial aid and prove that your expected family contribution is at or below $5,140 for the 2019-2020 school year.

Currently, the maximum Pell Grant award is $6,195..

What is considered a high EFC?

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. The numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you’ll have to help pay for tuition and fees.

What is an 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.

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 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.

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.

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.

Can filling out fafsa hurt you?

Can Filling Out FAFSA Hurt You? It certainly won’t hurt you financially. There are no income limits to apply, and the form itself is free. If you are an undocumented immigrant, you will not receive aid; you need a social security number to apply.

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.

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.

Why is my fafsa 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.

What is the lowest EFC for financial aid?

$0The lowest possible EFC is $0. An EFC of zero means that the financial aid formula has determined that the family cannot afford to pay anything towards college. Families with adjusted gross incomes (AGI) of $25,000 or less have an automatic EFC of $0.