What is EFC for Pell Grant?

The Expected Family Contribution (EFC) is a measure of your family's financial strength. The U.S. Department of Education calculates your EFC according to a formula established by law. The formula considers your family's taxed and untaxed income, assets, and benefits (such as, unemployment or Social Security).

What is the EFC to qualify for a 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.

What is a good EFC number on FAFSA?

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.

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.

Why is my EFC so high with low income?

There could be several reasons why your EFC is high with a low 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.

The ULTIMATE Guide to Maximize Pell Grant Money | Pell Grant Requirements

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.

Can I still get an subsidized loan if my EFC is high?

Subsidized loans are only available to students with a low EFC. Subsidized loans do not accrue interest while you're in college, during the six-month grace period or during any deferment periods.

What EFC qualifies for Pell Grant 2023?

Federal Pell Grant

The maximum Pell Grant for the 2023-24 award year is $7,395. The maximum Pell Grant per term is $3,698 for Fall/$3697 for Spring. The Expected Family Contribution (EFC) range for 2023-24 Pell Grant eligibility is 0 – 6,656.

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.

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.

How do I lower my 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.

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.

What does EFC 00400 mean?

Your FAFSA EFC number is equal to a dollar amount. For example, 4000 is $4,000. Your EFC isn't the amount of money you will be paying for college. It also isn't the amount of money you will get in financial aid. Rather, it is used in the formula for calculating your financial need.

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 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 did I not get a Pell Grant?

Pell Grants are awarded usually only to students who have not earned a bachelor's or a professional degree. To be eligible for a Pell grant, you must also meet the general federal student aid eligibility requirements.

What is a bad EFC number?

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 numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you'll have to help pay for tuition and fees.

What does the 6 digit EFC number mean?

Your EFC is telling the colleges you listed just how much your family can reasonably afford (be expected) to pay for your freshman year of college.

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

Many colleges will not meet 100 percent of a student's financial need, and financial aid packages may include loans that a student must repay. 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).

How do I get a maximum Pell Grant?

The maximum amount of money you can get from a Pell Grant is: $7,395 (2023–24). The amount granted depends on your Expected Family Contribution (EFC), cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

What is the highest income to qualify for financial aid?

The Bottom Line

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Is Pell Grant based on adjusted gross income?

Minimum Pell Grant: A student shall be eligible for a minimum Pell Grant when the student is enrolled in an eligible program full-time and their adjusted gross income is either equal to or less than (1) 325% or 275% of the poverty line for a dependent student subject family type or (2) 400%, 350%, or 275% of the ...

What if I think my EFC is too high?

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 an EFC of 14000 mean?

An EFC score of 014000 means your family is expected to contribute $14,000 toward one year of your education.

What happens if parents can't pay 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.