Why does EFC start with 0?

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.

Why does my EFC have a 0 in front of it?

Applicants with a zero EFC will receive the maximum Federal Pell Grant. The average EFC among Federal Pell Grant recipients is about $700. Eligibility for other types of financial aid depends on financial need, which is the difference between the college's cost of attendance and the EFC.

Why is my expected family contribution 0?

Quick answer - Not by a long shot. 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 does my EFC say 000000?

If your income is below $49,999, your family qualifies for a simplified needs test. This means both the parent's and student's assets are not counted in the EFC calculation, and may lead to a 00000 EFC result. A student will also have a 0 EFC if they are considered independent from their parents.

What does it mean to have an EFC number of zero on your SAR report?

A student's EFC can be zero. This means that, given your family's financial situation, they would not be able to contribute anything towards your college education. If your EFC is zero, the number on your SAR will appear as multiple zeros in a row.

EFC Of Zero And Still Got Screwed | College Money Academy

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).

Could my EFC be wrong?

It's possible mistakes can be made, or your circumstances have changed since you filled out your FAFSA. If you believe that a college has calculated your EFC incorrectly, contact the financial aid office.

What does 999999 EFC mean?

EFC 999,999 is the highest and generally means that a student will not have access to options like the Federal Pell Grant, though may be able to use federal student loans and/or work-study, depending on certain other factors.

Can I lower my EFC?

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.

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 does an EFC of 0 mean Reddit?

EFC means that your family contribution towards college is $0. You can receive a pell grant and other financial aid from your state (if you are going to an in state college) and federally. Upvote 6 Downvote Reply Share.

How is the EFC number determined?

General Information. All the data the Central Processing System uses to calculate the EFC come from the information students provide on the FAFSA. The EFC formula uses many variables, including income, assets, the number of persons in the household, and the number of those attending college for the award year.

How do I lower my EFC Expected Family Contribution?

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.

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 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.

What do EFC codes mean?

What is the EFC? The Expected Family Contribution (EFC) is a number that determines students' eligibility for certain types of federal student aid.

How accurate is EFC?

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 affects my EFC?

Expected Family Contribution (EFC)

The information you report on your FAFSA form is used to calculate your EFC. The EFC is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula.

How high can EFC go?

Use of the expected family contribution

Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.

Is 0 a good EFC?

A good EFC for each family will depend on their individual circumstances. In most cases, the lower the EFC, the better, since that typically corresponds to more financial aid. An EFC of 0 means the student and their family are expected to make no financial contribution of their own to college costs.

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 if my EFC is 7000?

For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000. However, you will not necessarily be offered enough aid to totally cover your financial need.

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 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 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.