What happens when your EFC is 00000?

EFC Families 00000 Eligible for Federal Aid Programs These applicants are eligible to receive “needs based financial aid” and can qualify for certain favorable federal educational assistance programs. You will see these programs in the financial aid award example below.

What does it mean if my FAFSA EFC is 00000?

What does it mean if my EFC is 00000? If your EFC has a string of “0s” it means that your Expected Family Contribution is $0. This means that the college does not expect your family to contribute any amount of money to your education.

How much money do you get if your EFC is 0?

It depends on the institution in which you want to attend to determine this. It does mean, however, that you are a “full need student.” Any person with an EFC number at 0 will receive the maximum amount of student aid that your school can provide. A number over 5,273, however, will result in no financial aid at all.

What is the highest EFC possible?

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 happens if my 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.

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.

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.

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

Even if you have a high EFC, it still makes sense to fill out the FAFSA. Your EFC might be high enough to disqualify you from need-based aid, like grants, but you might still be able to get federal work-study or get federal student and parent loans.

What is the average EFC score?

The median was zero, because more than half of Pell Grant recipients have a zero EFC. (The maximum Pell Grant in 2015–2016 was $5,775.) Among students with a family adjusted gross income (AGI) of less than $25,000, the average EFC is 684. Among students with an AGI between $25,000 and $50,000, the average EFC is 3515.

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.

Is a EFC of 00000 good?

Basic formula, total cost of attendance minus your EFC number equals your family financial need. When your score is o0000 colleges consider your financial aid need “exceptional” and often times use the term “full-need student” (not to be confused with “need met” by each college explained below).

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.

Why is my EFC on FAFSA 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.

What is a good EFC score?

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 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.

Is a negative EFC good?

A student with a negative EFC has more need than the current formula reveals and as a result, the financial aid you provide may seem like it achieves less than intended. Seeing the negative EFC helps you target those students for other supports and/or additional aid if it is available.

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.

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 does my EFC number mean?

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 colleges honor EFC?

The EFC caused confusion for years, experts say, because many families believed the calculation was the amount they were required to pay for college. However, that wasn't true. Colleges determine financial need by subtracting the student's EFC, now the SAI, from the total cost of attendance.

Is FAFSA changing for 2024?

More Financial Aid is Now Available for Single Parents

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant funds and a larger increase in Income Protection Allowance (IPA).

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.

Are EFC calculators accurate?

The accuracy of your EFC estimate depends upon the accuracy of the information you enter. If you are using the EFC Calculator after you have completed your FAFSA and/or income tax forms and have them to refer to, your results will be more accurate.

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.

Can I argue 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.