Can I contest my EFC?

If you or your parents' have special circumstances that are impacting your ability to contribute, you can consider requesting a Expected Family Contribution (EFC) appeal. We will review your appeal and make adjustments, as appropriate, based on your current financial situation.

Can I dispute my EFC?

A financial aid appeal can either go two ways: it can be denied or approved. If an appeal is approved, the financial aid administrator will make changes on the student's FAFSA. From there, a new EFC will be generated, which will result in a new financial aid package.

How can I lower my EFC legally?

Reduce family income

If possible, defer any workplace bonuses or avoid exercising stock options. If you have an investment that's losing money, consider selling it. The capital loss will factor into your adjusted gross income and could lower your EFC.

What to do if your EFC is wrong?

It's possible mistakes can be made, or your circumstances have changed since you filled out your FAFSA. If you believe that a college has calculated your EFC incorrectly, contact the financial aid office. Financial aid officers will explain how they determined your EFC and discuss your options.

What is a good reason to appeal financial aid?

Valid reasons for an SAP appeal

Valid reasons for an appeal include: medical emergencies. severe health issues. severe personal or family problems.

5 FAFSA Tips That Will Reduce Your EFC

How successful are financial aid appeals?

Appeals aren't always successful —- my success rate for my clients is a little more than 50 percent. But by using these tips, you can increase your chances of success right from the start.

Can you negotiate financial aid with colleges?

Most colleges will let you negotiate your financial package; they just don't openly admit it. To do so, you must do your research to see how much the school is offering other students.

Is 6000 a high EFC?

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.

Is EFC the amount I have to pay?

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. It is a number used by your school to calculate how much financial aid you are eligible to receive.

How do I change my EFC to 0?

What if EFC exceeds cost of attendance?

If your EFC is greater than the cost of attendance, there's a very slim chance you will receive any financial aid. The only option for you, then, would be to take out a federal direct loan or PLUS loan in the event that you needed assistance in paying for school.

What EFC qualifies for Pell Grant?

The maximum expected family contribution (EFC) eligible for a Pell Grant for the 2023–24 award year is 6656 as compared to 6206 for the 2022–23 award year.

How to lower EFC reddit?

If you have income of $100k and relevant assets of $100k and four kids, your EFC is about $13k. "Hiding" those assets somehow would drop it to $7.5k. So paying off your mortgage early, or spending a few years maxing out 401k contributions and spending the regular savings is probably a good strategy.

What happens if parents can't pay EFC?

If your parents or guardians refuse to pay for college, your best options may be to file the FAFSA as an independent. Independent filers are not required to include information about their parents' income or assets. As a result, your EFC will be very low and you will probably get a generous financial aid offer.

Is the EFC going away from FAFSA?

The new changes mean the Expected Family Contribution (EFC) will be replaced with something called the Student Aid Index (SAI) beginning in the 2024-25 award year (which is the FAFSA you will begin to fill out this year).

Can you fix a mistake on FAFSA?

Log in and update your information in your Account Settings. Once the Social Security Administration (SSA) verifies your account status, update the information on your FAFSA form by selecting “Make a Correction.” Once the information on your FAFSA form has been updated, select “Submit.”

Why am I paying more than my EFC?

Families will usually have to pay more for college than their EFC indicates they can afford because most schools do not meet 100% of a student's demonstrated financial need. Consequently, it's important to identify the most generous colleges that would consider a child an attractive candidate.

Is a high EFC good or bad?

If your EFC is high, it generally means that your family's income is high. Parental income is one of the biggest drivers of Expected Family Contribution. This is because the FAFSA takes both parents' income into account, as well as the student's income.

What is the highest EFC on FAFSA?

Use of the expected family contribution

Generally 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 $50000 mean?

An Expected Family Contribution (EFC) of $50,000 means that the family is expected to contribute $50,000 toward the student's education expenses for the academic year.

Is a EFC of 00000 good?

Families with a low EFC will receive need-based aid. In some cases, the EFC may be 00000 or 0. This number isn't a mistake. It just means that the government determined you qualify for all types of need-based financial aid.

Is 3000 a low EFC?

So, a lower EFC is more beneficial. For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.

Is it OK to ask for more financial aid?

Request Additional Federal Student Loans

If you've exhausted other options and still need additional funds to help you pay for school, contact your school's financial aid office to find out if you're eligible for additional federal student loans.

How do I ask for lower tuition?

If you want to ask for a discount outright, the first step is knowing who to contact. Typically, this is going to be the school's financial aid office. You may, however, also need to contact the school's admissions office. You can call, but you may get a better response by sending a polite, well-worded letter or email.

How do I ask for financial aid for more money via email?