What does an EFC of 7000 mean?

This shows that you're eligible for $7,000 in need-based aid. EFC also affects your eligibility and award amounts for federal need-based aid programs.

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.

What if my EFC is 8000?

Your college will subtract your EFC from your COA to determine your financial need. For example, if your COA is $20,000 and your EFC is $8,000, your financial need is $12,000. This means you are eligible for a maximum of $12,000 in need-based aid. However, colleges don't have to meet 100% of your financial need.

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.

What if EFC is too high?

In general, you should receive a more substantial financial aid package with a low EFC, whereas a high EFC means you might need to resort to unsubsidized or private student loans to cover costs your family can't afford. If you're a dependent student and your family's income is below $24,000, your EFC will likely be $0.

What Does it mean to have an EFC score of 00000?

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.

Is 3000 a high EFC?

The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university.

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.

What does an EFC of $20 000 mean?

If you have an EFC of $20,000, the college meets 70% of financial need, this leaves you with 30% of unmet need (Example, total cost $40,000 less EFC equals financial need of $20,000 times 30% unmet need $6,000. So your theoretical out of pocket costs would be your EFC $20,000 plus unmet need of $6,000 equals $26,000.

What is a good EFC amount?

Generally, a lower EFC number gets students more financial aid. Students with an EFC of 0 will get the maximum amount of financial aid. Likewise, students with an EFC over 5273 won't get any aid. You want to get as close as possible to zero because this makes you more likely to qualify for more financial aid.

What does an EFC of $50000 mean?

If your EFC score is 050000, the calculator determined, based on the financial information provided, that your family can pay $50,000 toward your tuition and fees.

What does an EFC of 9000 mean?

With an EFC of 9,000 you would not be eligible for federal grants but would probably be eligible for loans and work study. The school uses the extra financial information you provided on CSS to determine your need, for institutional aid purposes, using their own formulas.

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.

How do I interpret my EFC score?

Your college will subtract your EFC from your COA to determine your financial need. For example, if your COA is $40,000 and your EFC is $16,000, your financial need is $24,000. This means you are eligible for a maximum of $24,000 in need-based aid, like federal Pell grants, work-study, or subsidized loans.

Is EFC going away?

What Will Replace the EFC. Based on the newly signed law – the Consolidated Appropriations Act of 2021 – the EFC will be replaced with a “student aid index” or SAI. In some ways, SAI is just a new term for a similar calculation.

Can I still get financial aid if my EFC is high?

Short answer: YES! Longer answer: Regardless of your Estimated Family Contribution (EFC) everyone should file the FAFSA. The FAFSA enables students to measure their financial need, and become eligible for federal grants and scholarships, work study programs, and federal student loans.

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.

What if my EFC is 00000?

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.

What is the EFC of 5000?

An EFC of 5,000 literally means that the federal government thinks the family can provide $5,000 toward the cost of attending college that year. In actuality, the EFC is just a number used to determine aid eligibility and does not reflect how much a family will or will not pay towards educational expenses that year.

How much will I get if my EFC is 0?

An Expected Family Contribution (EFC) of 0 simply means that one has a financial need of 100% of the total cost of attendance at that school. This student will likely qualify for a full Pell Grant and other need-based federal money.

Is an EFC of 12000 good?

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.

How is EFC calculated 2023?

The CPS calculates a contribution from available income and a contribution from assets. The sum of these two is divided by the number in college in 2023-2024, as reported on the FAFSA form. The result is the EFC for the 2023-2024 award year.

What is the EFC for $100000?

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.

Can I get financial aid if my parents make over 300k?

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).

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.