What is the average expected family contribution for FAFSA?

Since EFC is dependent on each family's unique financial situation, there's no one-size-fits-all answer. As of 2023, the average EFC for a four-year undergraduate student was around $14,000 per academic year.

What is a good EFC for 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.

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 is your Expected Family Contribution from your FAFSA?

Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid. This number results from the information you provide in your 2023–24 FAFSA form. Your EFC is reported to you on your Student Aid Report (SAR).

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.

Why is my Expected Family Contribution (EFC) from the FAFSA so high?

Is 4000 a high EFC?

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 an EFC of 12000 good?

This means that the federal government (and colleges) expect your family to be able to reasonably contribute $12,000 per year towards your college expenses. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point.

Why is my 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 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 is the EFC of 5000?

An EFC of 5,000 literally means that the federal government thinks the family can provide $5,000 toward the cost of attending college that year. In actuality, the EFC is just a number used to determine aid eligibility and does not reflect how much a family will or will not pay towards educational expenses that year.

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.

Is a low EFC good or bad?

Low: If your EFC is low, you are more likely to receive a larger need-based financial aid package. You could look for colleges that offer significant need-based financial aid packages.

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 EFC gets you 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.

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.

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.

Do you want your EFC to 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.

Why is my EFC so high as an independent student?

Your EFC can be high for a variety of reasons, however, it is often high due to having a high income or a lot of assets. Assets are resources that can produce positive economic value such as: Cash.

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 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.

How can I pay for college if my EFC is too high?

Even if you have a high EFC, it still makes sense to fill out the FAFSA. Your EFC might be high enough to disqualify you from need-based aid, like grants, but you might still be able to get federal work-study or get federal student and parent loans.

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 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 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.

How do I get 0 EFC on FAFSA?