What is a good EFC amount?

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.

What is a good EFC number on FAFSA?

EFC also affects your eligibility and award amounts for federal need-based aid programs. For example, as of the 2021 to 2022 school year, you may be eligible for a Pell grant if your EFC is no higher than $5,846, Opens in a new tab .

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.

What EFC is too high for financial aid?

Overall, there is no such thing as a bad EFC number as long as your family can afford to pay or cover with scholarships the EFC and whatever the difference is between financial aid and tuition.

Is an EFC of 4000 good?

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.

5 FAFSA Tips That Will Reduce Your EFC

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.

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 EFC 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.

How much EFC is too much for 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 happens if my parents won't pay my 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.

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 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.

Will I get financial aid if my parents make over $200 K?

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

How do I interpret my EFC number?

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.

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.

Is 20k EFC good?

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.

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.

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.

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.

Why is my EFC so high?

If your EFC is high, it generally means that your family's income is high.

How much is the Pell EFC for 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 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 EFC score for 20000?

The EFC stands for Expected Family Contribution. 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.

Is a low EFC bad?

The smaller your EFC, the more financial aid you will be eligible to receive. We say “will be eligible to receive” because you may not receive the full amount you're eligible for. It depends on how much government money is available for student aid and how much your school will kick in.

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.