What is a normal EFC number?
What is a normal EFC number?
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 is your expected family contribution EFC amount?
According to the FAFSA official site, “The Expected Family Contribution (EFC) is a measure of your family’s financial strength, and is calculated according to a formula established by law” The EFC will be expressed as number equivalent to a dollar amount. For example, 12000 is $12,000.
What does it mean if your EFC is 10000?
Ultimately, your EFC helps the federal government and your school decide how much need-based federal aid you can receive. If your COA is $10,000, for example, and your EFC is $5,000, you can’t receive more than $5,000 in need-based aid.
What does an 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.
What is a good EFC amount?
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.
Why is my EFC so high 2020?
If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. This includes checking and savings accounts, bonds and stocks, and even the student’s 529 College Savings Plan. Some kinds of financial assets do not count toward your EFC.
What does an EFC of 6000 mean?
This means that you will not get sufficient financial aid at MOST schools to cover the Cost of Attendance minus your aid. In other words…there will be a “gap” which you will also need to fund.
How do I lower my FAFSA EFC?
Legal Ways to Reduce Your Expected Family Contribution
- Maximize 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.
Is 6000 a high EFC?
The EFC for the average American household with an AGI of $50,000 will usually range from $5,000 to $6,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university. 3.
How do you calculate expected family contribution?
The expected family contribution is used in the FAFSA system. It is calculated by taking the tuition and subtracting the federal financial aid for which the student is eligible.
What does estimated family contribution number mean?
The Estimated Family Contribution or EFC is a calculated measure of your family’s financial strength. It is an index number that colleges use to determine your eligibility for different need-based financial aid programs.
What happens if your EFC is 0?
Although the federal government has determined that if your expected family contribution (EFC) is 0, there isn’t any requirement that the government or the college provide you with the money to pay for the total cost of your education. 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. However, there are three issues you need to be aware of when your EFC=0.
What is a good EFC number?
Good EFC number is 0 if you want the most financial aid. If you have 0 EFC, federal, state, and institution will give you the max aid allowed under their their specific guidelines.