What if the EFC is zero?

When your EFC is zero, you are eligible for almost all federal based aid programs available. This includes, Pell Grants, Federal Work-study programs, and Stafford loans. Students are generally awarded based on financial need, EFC, enrollment status, and cost of attendance.

What happens if my EFC is 0?

According to the Federal Student Aid Office (FSA), students who qualify as having 0 EFC are eligible to receive all types of need-based aid to pay for their education as their families are unable to financially contribute.

Is having a low EFC bad?

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.

What does it mean to have an EFC number of zero on your SAR report?

A student's EFC can be zero. This means that, given your family's financial situation, they would not be able to contribute anything towards your college education. If your EFC is zero, the number on your SAR will appear as multiple zeros in a row.

What if my EFC is negative?

Negative EFC can be used at both the college and state level to provide better support to students. At the state level, a full negative EFC may provide a more accurate measure for directing state funding to institutions.

EFC Of Zero And Still Got Screwed | College Money Academy

Why does my EFC say 000000?

If your income is below $49,999, your family qualifies for a simplified needs test. This means both the parent's and student's assets are not counted in the EFC calculation, and may lead to a 00000 EFC result. A student will also have a 0 EFC if they are considered independent from their parents.

Can a student make up to $7040 before it affects their FAFSA?

It's your survival money, and it's protected. If you are a dependent student, the student income protection allowance for – AY 2023 - 2024 $6,970 and for AY 2024-2025 is $7,040 — meaning there is nothing counted toward your contribution if you have $7,040 or less in yearly taxable and untaxable income.

What does an EFC of 0 mean Reddit?

EFC means that your family contribution towards college is $0. You can receive a pell grant and other financial aid from your state (if you are going to an in state college) and federally. Upvote 6 Downvote Reply Share.

How does EFC get calculated?

Expected Family Contribution (EFC)

Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year.

How do I know my EFC?

You can find your EFC on the first page of your Student Aid Report (SAR). Note: 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.

Is 3000 a low 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.

How do I get the lowest 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.

Is 4000 a high EFC?

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.

Is EFC what I have to pay?

Your EFC total should not be confused with how much you'll pay for your college education outside of financial aid. That number can differ. The EFC is a calculated total that looks at your family's taxable and non-taxable income, among other factors.

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.

Does EFC change every year?

Your expected family contribution, or EFC, impacts how much federal financial aid you receive and how much institutional financial aid colleges award you. Your EFC will change every year because your family's income and assets won't be the same every year.

What disqualifies you from getting financial aid?

For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.

Is the EFC going away from FAFSA?

After the FAFSA simplification: The EFC is being replaced by the Student Aid Index (SAI). And similar to the EFC, the lower the SAI, the more aid you'll be eligible for.

What is replacing the EFC?

One such change is replacing the Expected Family Contribution (EFC) with the Student Aid Index (SAI), which will be implemented for the 2024–25 award year.

What income is too high for FAFSA?

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.

What does 999999 EFC mean?

EFC 999,999 is the highest and generally means that a student will not have access to options like the Federal Pell Grant, though may be able to use federal student loans and/or work-study, depending on certain other factors.

What if EFC is higher than tuition?

If your EFC is greater than the cost of attendance, there's a very slim chance you will receive any financial aid. The only option for you, then, would be to take out a federal direct loan or PLUS loan in the event that you needed assistance in paying for school.

What is the age limit for EFC?

AB 12 created California's Extended Foster Care (EFC) Program which allows eligible youth in the child welfare and probation systems to remain in foster care until age 21. Youth may leave extended foster care and later choose to re-enter the program up to age 21.

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.

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).