Why is my financial aid 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 do I do if my EFC is too high?

You may have made a mistake somewhere on your FAFSA®, or there may have been an error in processing your FAFSA. If you can't figure out why your EFC is high, call your school's financial aid office and they'll be able to help you, or at least refer you to someone who can.

How do I lower my EFC on FAFSA?

To lower your EFC, you need to minimize your income and assets. The “base year” the government uses to make EFC calculations is the prior-prior year, so you need to plan ahead. For the 2024-2025 FAFSA, you'd provide tax information from 2022.

What is a good EFC on the FAFSA?

Applicants whose EFC is less than 90% of the maximum Federal Pell Grant will receive a Federal Pell Grant. Applicants with a zero EFC will receive the maximum Federal Pell Grant. The average EFC among Federal Pell Grant recipients is about $700.

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.

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

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 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.

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.

Does your EFC tell you how much financial aid you will get?

Note: 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 that schools use to calculate the amount of federal student aid you are eligible to receive.

What is the average EFC score?

The median was zero, because more than half of Pell Grant recipients have a zero EFC. (The maximum Pell Grant in 2015–2016 was $5,775.) Among students with a family adjusted gross income (AGI) of less than $25,000, the average EFC is 684. Among students with an AGI between $25,000 and $50,000, the average EFC is 3515.

Can I dispute my EFC?

A financial aid appeal can either go two ways: it can be denied or approved. If an appeal is approved, the financial aid administrator will make changes on the student's FAFSA. From there, a new EFC will be generated, which will result in a new financial aid package.

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.

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

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). To qualify for a zero EFC on the 2023-2024 FAFSA, a family with dependent students can't make more than $29,000 annually.

Why is my EFC so high with no 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. We always recommend contacting your college financial aid office to ask questions about your specific family situation.

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.

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 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.

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.

Will I get financial aid if my parents make over $200 K?

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

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.

Will I get a Pell Grant if my EFC is 0?

When your EFC is zero, you are eligible for almost all federal based aid programs available. This includes, Pell Grants, Federal Work-study programs, and Stafford loans.

Will I get financial aid if my parents make over 100k?

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.

How much financial aid will I get if my parents make 50k?

If you think you or your parents make too much to file the Free Application for Federal Student Aid (FAFSA), you're wrong. There are no income limits on the FAFSA. Instead, your eligibility for federal student aid depends on how much your college costs and what your family should contribute.

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.

Is a EFC of 00000 good?

Families with a low EFC will receive need-based aid. In some cases, the EFC may be 00000 or 0. This number isn't a mistake. It just means that the government determined you qualify for all types of need-based financial aid.