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How do I reduce my EFC?

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.
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How can I lower my EFC legally?

Legal Ways to Reduce Your Expected Family Contribution
  1. Maximize Household Size. The larger your household size is, the lower your EFC will be (in most cases). ...
  2. Increase College Attendance Among Family Members. ...
  3. Wait Until the FAFSA Considers You Independent.
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What to do if your EFC is too high?

You may need to start an appeal process — called professional judgment — to have your EFC and financial aid adjusted if you've already received a financial aid package. Begin by reaching out to your financial aid advisor, who can assist you with the next steps.
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How do I change my EFC to 0?

  1. Certain students are automatically eligible for a zero EFC. The requirements for receiving an. ...
  2. differences: ...
  3. their spouses is $27,000 or less (for an automatic zero EFC) instead of $49,999 or less (for. ...
  4. • ...
  5. New for 2021-2022: The income threshold for an automatic zero EFC increased to $27,000 for.
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Can my EFC be changed?

The Financial Aid Department may adjust your EFC by changing one or more of the elements in the formula used to calculate the EFC. Typically, an adjustment would only be made for financial circumstances beyond your control, which significantly affect your or your family's ability to continue your education.
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5 FAFSA Tips That Will Reduce Your EFC

Can I challenge 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.
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What affects your EFC?

Expected Family Contribution (EFC)

The EFC is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula.
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What is a good 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.
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Why is my EFC so high compared to last year?

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.
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Is it good to have a low EFC?

Low: If your EFC is low, you are more likely to receive a larger need-based financial aid package. You could look for colleges that offer significant need-based financial aid packages.
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What is a bad EFC number?

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.
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Is a high EFC 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.
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Is EFC the amount I have to pay?

A common misconception about expected family contribution, or EFC, is that it equals the amount a family will pay for college. EFC is the measure of a family's financial strength generated by the information provided on the FAFSA, the U.S. Department of Education form used to distribute federal financial aid.
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How high can EFC go?

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.
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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.
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Does household size affect EFC?

The number of family members in college directly affects the family's ability to contribute to the student's education costs. The student's EFC is divided by the number of family members in college.
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Is an EFC of 20000 bad?

An EFC of $20,000 USD means that you and your parents are expected to pay $20,000 per year to attend college, and you will Only get financial assistance for the amount of the college Above $20,000 per year. Good luck.
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What does EFC of 4000 mean?

What does an EFC of 4000 mean? Your EFC is a dollar amount. If your EFC was 4,000 and your college costs are estimated to be only $4,000, you would not be eligible for any need-based aid.
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Why do I have an EFC if I'm independent?

Formula B—Independent Student Without Dependents Other Than A Spouse. The EFC for an independent student without dependents other than a spouse is calculated using FAFSA data for the student and spouse. The CPS calculates a contribution from available income and a contribution from assets.
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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.
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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.
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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.
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What does EFC of 10000 mean?

If by “EFC” you mean the one calculated from FAFSA, it is used to calculate Pell grant amounts; if your FAFSA EFC is below the maximum Pell grant amount, you get a Pell grant of the maximum Pell grant amount minus the FAFSA EFC. $10,000 is higher than the maximum Pell grant amount, so no Pell grant.
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What is the EFC of 12000?

For example, 12000 is $12,000. This means that the federal government (and colleges) expect your family to be able to reasonably contribute $12,000 per year towards your college expenses. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point.
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What does an EFC of 30000 mean?

An EFC Example

So, for example, if a college has a cost of attendance of $60,000 and you have an EFC of $30,000, then your financial need would be $30,000. This is an important number to the college because this is how they establish if your family has need-based eligibility.
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