What is a typical 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. Slightly more than 10% have an EFC greater than $25,000.

Is an EFC of 4000 good?

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 does an EFC of $50 000 mean?

If your EFC score is 050000, the calculator determined, based on the financial information provided, that your family can pay $50,000 toward your tuition and fees.

Is 3000 a high 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.

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.

The Expected Family Contribution (EFC) Explained

What is a good EFC to get financial aid?

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.

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.

How do I get my EFC to zero?

The FAFSA assigns an auto-zero EFC to students who report $27,000 or less in income. Eligible applicants are not expected to contribute financially to their college expenses.

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 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 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.

Does your EFC tell you how much financial aid you will get?

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. It is a number that schools use to calculate the amount of federal student aid you are eligible to receive.

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).

How do I reduce my FAFSA 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.

What is the lowest EFC possible?

Zero is the lowest EFC number with 99,999 as the highest. If a dependent students' family's income is less than $24,000 and government assistance was needed for that filing year, the EFC will automatically be zero. A zero means a family has no ability to contribute to the student's education.

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.

Can my EFC be changed?

The school can recalculate the student's EFC using the updated data and use that EFC to award campus-based, Direct Subsidized Loan, or Federal Stafford Loan funds. The school can also choose not to recalculate, and instead have the student submit the updated information for the CPS to recalculate the EFC.

What is EFC for Pell Grant?

The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student's education for a given award year. It impacts a student's eligibility for certain types of federal student aid.

Do you want a high EFC?

College financial aid offices use the EFC to estimate how much financial aid the school will offer to enrollees. Students with low EFC receive the most student aid. Learners with high EFC receive less aid. Applicants with family incomes below $26,000 qualify for an automatic zero EFC and maximum federal funding.

Why is my EFC so high with no 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. We always recommend contacting your college financial aid office to ask questions about your specific family situation.

How do I read my EFC number?

This number includes tuition and fees, room and board, books, supplies, and other expenses. 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.

Do I have to pay for college if my EFC is 0?

0 EFC & Need-Based Financial Aid

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.

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.

What percent of income should EFC be?

The formula allocates 50 percent of a dependent student's adjusted available income to cover college expenses and anywhere from 22 to 47 percent of parents' available income. The higher your parents' income is, the more of it will count towards your EFC.

How does EFC work with 2 kids in college?

When your second child starts college the following year, your EFC would be divided by both of your kids — lowering it by 50 percent to $21,000 each. So, using the hypothetical school cost example above, each child would now qualify for $29,000 in possible aid.