What is your EFC expected family contribution?
Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your Free Application for Federal Student Aid (FAFSA®) form. It’s reported to you on your Student Aid Report (SAR).
What does Estimated expected family contribution EFC 00000 mean?
What is Expected Family Contribution EFC 00000. If your financial aid report shows an expected family contribution of 00000, this means $0 or zero dollars you are expected to pay for college, which is great! You will be eligible for a lot of federal financial aid for college, but not all of it will be free.
What is a good EFC to get financial aid?
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.
What does an EFC of 20000 mean?
Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need. For example, if the total COA (Tuition & Fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family’s EFC from the FAFSA was $30,000, they would have $20,000 of financial need.
What does an EFC of $10000 mean?
A lower EFC is more likely to get you more financial aid. For example, if your EFC is $10,000 and the school’s cost of attendance is $20,000, your calculated financial need is $10,000. If your EFC is $5,000 and the school’s cost of attendance is $20,000, your calculated financial need is $15,000.
What does an EFC of 18000 mean?
For example, if the college’s cost of attendance is $40,000 and your family’s EFC is $22,000, then your financial need is $18,000 ($40,000 – $22,000). Some colleges are able to cover your full financial need.
Can you get financial aid if your parents make 200k?
First things first, there is no income limit when it comes to the FAFSA. Everyone should apply for financial aid, no matter your or your parents’ income.
How to calculate your expected family contribution?
EFC Method 1: The FAFSA. The Free Application for Federal Student Aid,or FAFSA,is required of every student in the United States who is seeking any kind of federal
What factors determine your expected family contribution?
Your enrollment status; it matters whether you are a full- or part-time student and the months of the year you’re enrolled in college
What goes into the Expected Family Contribution (EFC)?
The Expected Family Contribution (EFC) is a measure of your family’s financial strength and 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) are all considered in the formula.
How do you calculate estimated family contribution?
– Your annual gross salary. – Your expected annual pay increases, if any. – How frequently you are paid by your employer.