What is the average EFC score?

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?

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 $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.

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.

What Does it mean to have an EFC score of 00000?

How do I lower my EFC on FAFSA?

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.

Why is FAFSA EFC 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 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 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.

What does an 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 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.

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).

Why is my EFC so high with no income?

There are some special circumstances (like if there's a large amount of money in a savings account in the dependent student's name) in which your EFC might be high even if your family's income isn't.

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 interpret my EFC?

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 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.

Can I estimate my EFC?

Prefer a quick estimate of your EFC instead? Try Finaid's Quick EFC Calculator. This calculator uses the EFC formula for the 2023-24 academic year.

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).

What does an EFC of $20000 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.

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.

Do you want your EFC to be high or low?

Generally speaking, families want a lower EFC since that means they can qualify for more financial aid and potentially pay less out-of-pocket for higher education as a result.

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.

How accurate is the EFC on FAFSA?

Your EFC result won't be as accurate, but it should be in the ballpark. The purpose of the EFC Calculator is to give you a general sense of your eligibility for financial aid to help you understand how much college may cost you.

What will the EFC be renamed to?

The term “EFC” (expected family contribution) is changing

With the 2024-2025 FAFSA, the term Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI) – this is a new need analysis formula that we will use when awarding need-based grants and scholarships.

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.