What is a good EFC number?

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 the average EFC number?

As of 2023, the average EFC for a four-year undergraduate student was around $14,000 per academic year. However, there are some high EFCs skewing the average because more than half of college students have EFCs at or below $2,500.

What does 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. Your EFC is one factor that determines how much federal aid you are eligible for, although it is not necessarily how much you will receive.

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.

What EFC is too high?

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 Expected Family Contribution (EFC) Explained

Is an EFC of 4000 good?

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 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 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.

How do I lower my EFC on FAFSA?

To lower your EFC, you need to minimize your income and assets. The “base year” the government uses to make EFC calculations is the prior-prior year, so you need to plan ahead. For the 2024-2025 FAFSA, you'd provide tax information from 2022.

What is the average EFC for 50k income?

An Expected Family Contribution is a dollar figure that represents what financial aid formulas believe a family should be able to pay for one year of a child's college education. No. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000.

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.

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.

Why is my financial aid EFC so high?

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

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).

Should my EFC be high or low?

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 if my EFC is 5000?

» LEARN: How much financial aid can I get? Say, for example, a school's total cost of attendance is $20,000 and your EFC is $5,000. You could qualify for up to $15,000 of need-based aid through programs like federal Pell Grants, direct subsidized loans and work-study.

What is replacing EFC on FAFSA?

FAFSA Simplification Act and the Student Aid Index

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.

Is EFC the amount I have to pay?

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.

How much money can I get from FAFSA if my EFC is 0?

However, students with a zero EFC may qualify for the maximum federal Pell Grant, which is $7,395 for the 2023–2024 award year (July 1, 2023, to June 30, 2024). To qualify for a zero EFC on the 2023-2024 FAFSA, a family with dependent students can't make more than $29,000 annually.

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 if I think my EFC is wrong?

If you believe that a college has calculated your EFC incorrectly, contact the financial aid office. Financial aid administrators can explain how they determined your EFC and discuss your options. Your EFC may be lowered if your family has had a significant change in income or expenses since you applied.

What if my EFC is 7000?

For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000. However, you will not necessarily be offered enough aid to totally cover your financial need.

Will I get financial aid if my parents make 200k?

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).

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

In conclusion, even with a household income of $100,000, it is still possible to receive financial aid. To maximize your chances, ensure that you apply for as many different aid programs and scholarships as possible, both at the college level and from outside sources.

What does it mean when your EFC is $10000?

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.