What EFC number 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.

What is the maximum EFC to be eligible for a Pell Grant?

On December 29, 2022, the President signed the Consolidated Appropriations Act, 2023, which included a $500 increase to the maximum Pell Grant. The maximum Pell Grant award for the 2023-2024 award year is $7,395, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) is 6656.

What EFC number will enable a student to receive the full amount if a Pell Grant?

Applicants with a zero EFC will receive the maximum Federal Pell Grant. The average EFC among Federal Pell Grant recipients is about $700. Eligibility for other types of financial aid depends on financial need, which is the difference between the college's cost of attendance and the EFC.

What is a good EFC number?

Generally the lower a family's EFC number, the more likely a student will receive financial aid. But an EFC's significance is often more complicated. "There's no 'good' EFC because it is a range.

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.

The ULTIMATE Guide to Maximize Pell Grant Money | Pell Grant Requirements

What is the EFC cutoff for Pell Grant 2023 2024?

The Expected Family Contribution (EFC) range for 2023-24 Pell Grant eligibility is 0 – 6,656.

What is the maximum EFC for the Pell Grant 2023 2024?

The maximum Pell Grant award for 2023-2024 is $7,395 (see the “Year-Round Pell and Iraq and Afghanistan Service Grant” section in Chapter 5 of this volume on how a student may be eligible to receive up to an additional 50% of their scheduled award). The maximum eligible EFC for the 2023-2024 award year is 6656.

Why is my EFC so high with low income?

There could be several reasons why your EFC is high with a low income. If your family has a high number of investments or other assets, this could skew your EFC. It is also possible that you made a mistake on the application.

What is the average EFC number?

Since EFC is dependent on each family's unique financial situation, there's no one-size-fits-all answer. As of 2023, the average EFC for a four-year undergraduate student was around $14,000 per academic year.

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.

Why didn't I qualify for a Pell Grant?

Pell Grants are awarded usually only to students who have not earned a bachelor's or a professional degree. To be eligible for a Pell grant, you must also meet the general federal student aid eligibility requirements.

Will I get a Pell Grant if my EFC is 0?

Students with a 0 EFC will receive the full Pell Grant amount, which is worth $6,495 as of 2021. Students with a higher EFC may receive a prorated Pell Grant or not be eligible for any Pell Grant funds.

Why is my Pell Grant so low?

Some of the most common reasons your grant funds may be reduced are: You didn't enroll full time. Pell Grants are prorated for part-time enrollment, You didn't begin attending all of your classes before the financial aid lock date.

What is the lowest EFC for financial aid?

Your Expected Family Contribution, or EFC, on the FAFSA, is a simple way of saying that you have a certain income threshold based on your parents financial contribution. Zero is the lowest EFC number with 99,999 as the highest.

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.

What is the highest EFC number possible?

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.

How do I lower my EFC?

Lowering your income in the base year can make a big impact on EFC calculations. Adjusted gross income can be assessed up to 47% and assets are assessed at only 5.64%, so lowering a parent's income in the base year can be eight times more effective in lowering a family's EFC as compared to minimizing parental assets.

Can I still get an subsidized loan if my EFC is high?

Subsidized loans are only available to students with a low EFC. Subsidized loans do not accrue interest while you're in college, during the six-month grace period or during any deferment periods.

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.

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.

Will I get financial aid if my parents make over 100k?

If your parents are high earners, you might assume you won't get any financial aid to help pay for college. But that's not necessarily the case. The Department of Education doesn't have an official income cutoff to qualify for federal financial aid.

How do I calculate my Pell Grant?

Pell Grant awards are based on the Expected Family Contribution (EFC) on the student's SAR or ISIR, the academic year structure (see Chapter 1), and the student's cost of attendance (see Chapter 2). The Scheduled Award amounts are specified on the Pell Payment Schedules released by the Department.

What is the formula for the Pell Grant?

To calculate the percentage of Pell Grant used for the payment period, divide the student's award amount by the scheduled award for the term. To calculate the percentage of Pell Grant used for the payment period, divide the student's award amount by the scheduled award for the payment period.

What 4 things affect the amount of money you receive from your Pell Grant?

The amount granted depends on your Expected Family Contribution (EFC), cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

What is the new Pell Grant amount for 2023?

The maximum Federal Pell Grant for the 2023–24 award year (July 1, 2023, through June 30, 2024) is $7,395. The amount an individual student may receive depends on a number of factors.