What is considered a good EFC?

Applicants whose EFC is less than 90% of the maximum Federal Pell Grant will receive a Federal Pell Grant. Applicants with a zero EFC will receive the maximum Federal Pell Grant. The average EFC among Federal Pell Grant recipients is about $700.

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.

Is 4000 a high EFC?

If your EFC is 4,000 and your college's COA is 4,000, you would not be eligible for any need-based financial aid. On the other hand, if your EFC is 4,000 and your college's COA is 10,000, you might be eligible for up to 6,000 in need-based financial aid.

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 does an EFC of 7000 mean?

This shows that you're eligible for $7,000 in need-based aid. EFC also affects your eligibility and award amounts for federal need-based aid programs.

5 FAFSA Tips That Will Reduce Your EFC

What is EFC too high?

If your EFC is high, it generally means that your family's income is high. Parental income is one of the biggest drivers of Expected Family Contribution. This is because the FAFSA takes both parents' income into account, as well as the student's income.

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 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.

Is a EFC of 00000 good?

Families with a low EFC will receive need-based aid. In some cases, the EFC may be 00000 or 0. This number isn't a mistake. It just means that the government determined you qualify for all types of need-based financial aid.

What is the average EFC for 50k income?

No. 2: 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 can I reduce my EFC?

Minimize Parents' Income in Base Year

By far, this is the biggest contributor to the EFC of most families. Since assets are assessed at only 5.64%, lowering parents' income in the base year is 8 times more effective in lowering EFC than minimizing parental assets.

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 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.

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. Only certain groups qualify. Dependent students qualify based on parental or guardian financial information.

How much will I get 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.

What does an EFC of 30000 mean?

An EFC Example

So, for example, if a college has a cost of attendance of $60,000 and you have an EFC of $30,000, then your financial need would be $30,000. This is an important number to the college because this is how they establish if your family has need-based eligibility.

What does an EFC of $20 000 mean?

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. Good luck. 3. Related questions (More answers below)

Are EFC calculators accurate?

How Accurate Is the EFC Calculator? 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 is Anna's DRN?

Her DRN is her data release number. The purpose of this number is to ensure her identification when she registers for federal student aid www.ngpf.org Last updated: 7/8/22 1. 3. Has Anna's FAFSA been selected for verification? In your own words, describe what the process of verification is.

Why is my EFC so high with low income?

If you/your family has a low income but a lot of assets, your EFC may be higher than you expected. If this does not seem to be the case, however, consider filing a financial aid appeal to have your EFC recalculated.

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.

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.

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 does it mean if my EFC is 10000?

In fact, most schools can't give you any free money with an EFC of $10k. Since your EFC is too high for a Pell Grant, your $10k EFC means nearly nothing, except that your child might get some work-study and a small subsidized student loan and a small unsub loan.