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What does my FAFSA EFC number mean?

by Rhyley Bryan

What does my FAFSA EFC number mean?

Expected Family Contribution
Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. The EFC factors in your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security).

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. However, if your family receives a low EFC number that is still higher than what is affordable, it is not a good EFC number.

What does EFC 0 C mean on FAFSA?

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 does the EFC number mean on FAFSA?

The FAFSA EFC stands for Expected Family Contribution, and is basically what you or your family is expected to contribute towards paying for your college education.

How does FAFSA give you money?

FAFSA doesn’t give you any money. It’s a form that assesses your family’s financial situation: income, savings, assets, etc. You enter your numbers in it, and colleges get your FAFSA form and use these data to evaluate your ability to pay for your educations and how much financial aid you would need if accepted.

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.

What is a good EFC?

A “good” EFC score, meaning that you are eligible for the most aid is, zero . Generally, the lower your EFC score, the more aid you are eligible for. Additionally, students with a zero EFC score will also be eligible for different types of aid, specifically grants that do not need to be paid back.

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What does my fafsa EFC number mean?

by Rhyley Bryan

What does my fafsa EFC number mean?

Expected Family Contribution
Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. The EFC factors in your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security).

What is the range of EFC on fafsa?

There is no maximum EFC, so it can range from zero to any number. As college costs typically increase each year, the financial aid formula that calculates EFC is adjusted for inflation each year, says Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com.

Where do I find my EFC number?

You can find your EFC on the first page of your Student Aid Report. Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive.

How is your FAFSA EFC calculated?

The EFC is used to determine your eligibility for federal student aid. There is a specific formula used to determine your eligibility. EFC is calculated by taking the Cost of Attendance (COA) and subtracting the EFC.

What does FAFSA EFC 00000 mean?

Receiving an EFC score of 00000 means that you are eligible for the full amount of $6,195 per year. Pell Grants are awarded each year. You have to fill out your FAFSA form each year in order to be eligible. IF you don’t fill out FAFSA you can lose your Pell Grant.

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.

Is FAFSA a loan or free money?

A: No, the FAFSA (or Free Application for Federal Student Aid) is not a loan. But it is a federal application that will determine your eligibility for federal and state financial aid programs.