How do I check my EFC?

How do I find out what my EFC is?

The EFC number will be located on the top-right of the Student Aid Report (SAR) you receive, either electronically or physically, a few weeks after filing your FAFSA.

How do I see how much FAFSA gave me?

To see your aid, log in to your StudentAid.gov account using your account username and password (FSA ID). Learn more about possible reasons why your StudentAid.gov account is missing loan or grant info.

What does an EFC of $20 000 mean?

An Expected Family Contribution (EFC) of $20,000 on the FAFSA (Free Application for Federal Student Aid) means that the federal government has determined that your family is expected to contribute up to $20,000 towards your college education for the upcoming academic year.

How much aid will I get based on my EFC?

How does EFC affect my financial aid? For example, if your college's total COA is $30,000 and your EFC is $12,000, you could expect to receive up to $18,000 in need-based aid, such as Pell Grants, subsidized loans and work-study programs.

Finding Your Expected Family Contribution Number

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.

What happens if my parents won't pay my 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.

Why is my EFC on FAFSA so high?

EFC is based on the parents' and student's income and assets. A high EFC is likely the result of high income or a high value of assets as reported on the FAFSA. Assets considered include bank account balances, capital gains and, sometimes, equity held in businesses and real estate.

What EFC number qualifies for Pell Grant?

Federal Pell Grant

The maximum Pell Grant for the 2023-24 award year is $7,395. The maximum Pell Grant per term is $3,698 for Fall/$3697 for Spring. The Expected Family Contribution (EFC) range for 2023-24 Pell Grant eligibility is 0 – 6,656.

What is a bad EFC score?

Once your FAFSA form is received, the schools arrive at a number between 0 and 4617 that will result in a federal student aid grant for the following academic year. 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.

How do I know if I received a Pell Grant?

Start on the Federal Student Aid Webpage

If they don't already have an account, they'll need to make an FSA account and ID. Once you are on the site, there's a section titled "My Aid," which shows borrowers' outstanding loan balances along with a breakdown of any grants they received while in college, Arcese said.

Why is your EFC important?

Your EFC (Expected Family Contribution) is a measure of your family's financial situation. The EFC is used to determine your federal financial aid eligibility. Your EFC is not the amount of money you'll have to pay for college. It determines the amount of federal financial aid you may be eligible for.

Do I get all my FAFSA money?

Typically, the school first applies your grant or loan money toward your tuition, fees, and (if you live on campus) room and board. Any money left over is paid to you directly for other education expenses.

What does EFC 00400 mean?

Your FAFSA EFC number is equal to a dollar amount. For example, 4000 is $4,000. Your EFC isn't the amount of money you will be paying for college. It also isn't the amount of money you will get in financial aid. Rather, it is used in the formula for calculating your financial need.

How do I know if my EFC is 0?

Zero is the lowest EFC number with 99,999 as 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.

Why is my EFC so high as an independent student?

Your EFC can be high for a variety of reasons, however, it is often high due to having a high income or a lot of assets. Assets are resources that can produce positive economic value such as: Cash.

What is the maximum EFC for Pell 22 23?

Under this new appropriations legislation, the maximum Pell Grant award will increase from $6,495 to $6,895 for the 2022-2023 award year, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) will increase from 5,846 to 6,206.

What is the highest income to qualify for financial aid?

Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

How much financial aid will I get if my parents make 50k?

If you think you or your parents make too much to file the Free Application for Federal Student Aid (FAFSA), you're wrong. There are no income limits on the FAFSA. Instead, your eligibility for federal student aid depends on how much your college costs and what your family should contribute.

What is the EFC for 100k income?

The basic theory is that the lower your EFC, the bigger your financial aid award. A family with an adjusted income of $50,000 and two dependents would expect to have an EFC of around $3,800 without considering any other financial assets. A family with income of $100,000, would have an EFC of approximately $20,000.

How accurate is the EFC on FAFSA?

Your EFC result won't be as accurate, but it should be in the ballpark. The purpose of the EFC Calculator is to give you a general sense of your eligibility for financial aid to help you understand how much college may cost you.

What if my EFC is 6000?

Any student with an EFC number at 0 will receive the maximum amount of student aid, while a number over 6,656 will result in no aid at all. The higher your EFC, the less aid you'll get, and the more you'll pay out-of-pocket.

Will I get financial aid if my parents make over $400 K?

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

How much money can I get from FAFSA if my EFC is 0?

However, students with a zero EFC may qualify for the maximum federal Pell Grant, which is $7,395 for the 2023–2024 award year (July 1, 2023, to June 30, 2024). To qualify for a zero EFC on the 2023-2024 FAFSA, a family with dependent students can't make more than $29,000 annually.

Will I get financial aid if my parents make over $200 K?

Even if your family makes multiple six figures a year, you can still get financial aid. That said, not financial aid is created equal. Ideally, you want free money, or grants not loans.