What is the EFC called now?

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 is replacing EFC on FAFSA?

FAFSA Simplification Act and the Student Aid Index

One such change is replacing the Expected Family Contribution (EFC) with the Student Aid Index (SAI), which will be implemented for the 2024–25 award year.

What is EFC now?

The new changes mean the Expected Family Contribution (EFC) will be replaced with something called the Student Aid Index (SAI) beginning in the 2024-25 award year (which is the FAFSA you will begin to fill out this year).

What is EFC called?

Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid.

Is EFC the same as Sai?

This year's FAFSA process has introduced the Student Aid Index (SAI) which supersedes the Expected Family Contribution (EFC) formula. The SAI is similar to the EFC with a few different factors that will now be considered when determining the student's aid. To determine Student Aid Index, try the new SAI Calculator.

The Expected Family Contribution (EFC) Explained

Is the lower your SAI the more financial aid you are eligible for?

A school determines a student's financial need by subtracting the SAI and outside financial assistance from the cost of attending that college. A lower SAI indicates a higher financial need.

What is the SAI range for FAFSA?

Students qualifying for a Maximum Pell Grant will have an SAI between negative $1,500 and $0. the maximum Pell Grant for the award year minus SAI. The Pell Grant will be adjusted if the applicant enrolls less than full time, or if the applicant's COA is less than the calculated Pell Grant award.

What does Sai of 1500 mean?

A dependent student whose parents are not required to file a federal income tax return OR an independent student (and spouse, if applicable) who is not required to file a federal income tax return for the prior-prior tax year is assigned an SAI equal to -1500.

What is Anna's DRN?

Anna's DRN refers to the data release number. It's a 4 digit code that can be found on the Free Application for Federal Student Aid that ensures the identification of the student.

What is the highest EFC number?

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.

Why is my Sai in the negative?

Students with a negative or 0 SAI are eligible for the maximum Federal Pell Grant. The difference is that a negative SAI indicates that a student has a higher need than a student with 0 SAI. This information can be used to prioritize how other grants with limited funding are distributed to students.

What is the maximum Pell Grant for 2024 25?

Although $7,395 is the maximum Pell Grant Scheduled Award for the 2024-2025 award year, institutions are reminded that a student may be eligible to receive Pell Grant funds for up to 150 percent of the student's Pell Grant Scheduled Award for an award year.

What does Sai number mean?

The Student Aid Index, or SAI, is a number that represents your family's financial strength and ability to pay for college, and helps to determine how much financial aid you're eligible to receive. Calculate your SAI with MEFA's SAI Calculator.

How can I lower my EFC legally?

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.

Why did FAFSA get rid of sibling discount?

Starting with the 2024–2025 academic year, the discount currently available under the Free Application for Federal Student Aid (FAFSA) to families with multiple enrolled children disappears, a byproduct of new legislation that seeks to simplify the form that determines financial aid eligibility.

Is FAFSA changing for 2024?

More Financial Aid is Now Available for Single Parents

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant funds and a larger increase in Income Protection Allowance (IPA).

What is the current limit on a Pell Grant?

The maximum Federal Pell Grant for the 2023–24 award year (July 1, 2023, through June 30, 2024) is $7,395. The amount an individual student may receive depends on a number of factors. Learn more via the links below: Learn what factors go into determining the amount of Pell Grant funding a student receives.

Do you need a DRN for FAFSA?

You'll need the DRN if you choose to allow the Federal Student Aid Information Center or your college or career school to change certain information on your FAFSA form.

How do I find my EFC on FAFSA?

What is a good 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.

Why does my EFC start with a 0?

An Expected Family Contribution (EFC) of 0 simply means that one has a financial need of 100% of the total cost of attendance at that school. This student will likely qualify for a full Pell Grant and other need-based federal money.

Why am I not eligible for Pell Grant?

Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree. (In some cases, however, a student enrolled in a postbaccalaureate teacher certification program might receive a Federal Pell Grant.)

What is the lowest EFC on FAFSA?

Your Expected Family Contribution, or EFC, on the FAFSA, is a simple way of saying that you have a certain income threshold based on your parents financial contribution. Zero is the lowest EFC number with 99,999 as the highest.

What EFC do you need for 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 is the maximum Pell EFC for 2223?

117-103). 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.