Quick Answer: What Is A Good EFC To Get Financial Aid?

What does my fafsa EFC number mean?

Expected Family ContributionYour Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive.

Note: Your EFC isn’t the amount of money your family will have to pay for college and it isn’t the amount of federal student aid you’ll receive..

Do you want a high or low EFC?

The higher the EFC, the more money the government thinks you can pay for college because of your financial strength. A high EFC score means your student will receive less need-based federal financial aid to attend college.

How much financial aid will I get based on EFC?

For example: School A costs \$45,000 (this is their COA). They meet “full financial need.” So based on your EFC of \$15,000, they offer you \$30,000 in need-based aid. Therefore, your effective cost would be \$45,000 – \$30,000 = \$15,000.

How do I lower my fafsa EFC?

Maximize Household Size The larger your household size is, the lower your EFC will be (in most cases). The Free Application for Federal Student Aid (FAFSA) considers someone a part of a household if they live at home and if the parent or parents provide more than 50 percent of the dependent’s support.

What is an average EFC number?

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 is the income limit for fafsa 2020?

Although there are no FAFSA income limits, there is an earnings cap to achieve a zero-dollar EFC. For the 2020-2021 cycle, if you’re a dependent student and your family has a combined income of \$26,000 or less, your expected contribution to college costs would automatically be zero.

What is a good EFC?

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. The numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you’ll have to help pay for tuition and fees.

What is the EFC chart?

The Expected Family Contribution (EFC) is a number that determines students’ eligibility for certain types of federal student aid. This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA®).

Why is my financial aid EFC so high?

If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. In those cases, the government assumes your family can afford all the costs of college.

Do I make too much for fafsa?

MYTH 1: My parents make too much money, so I won’t qualify for any aid. FACT: The reality is there’s no income cut-off to qualify for federal student aid. It doesn’t matter if you have a low or high income, you will still qualify for some type of financial aid, including low-interest student loans.

Does fafsa know how much money I have?

The FAFSA will specifically ask “As of today what is the cash balance of checking, savings…” accounts for the student. Because the question is phrased “As of today” it leaves room for interpretation. … Cash assets sink financial aid eligibility, but are virtually untraceable unless admitted to on the FAFSA.

How can I maximize my financial aid?

How to Get the Most Financial Aid Through the FAFSA (Including Families with Young Students)AVOID WITHDRAWING FROM RETIREMENT FUNDS. … MAXIMIZE YOUR RETIREMENT SAVINGS. … TRANSFER YOUR STUDENT’S SAVINGS TO YOUR ACCOUNTS. … USE SAVINGS TO PAY DOWN DEBT. … OPEN A 529 COLLEGE SAVINGS PLAN.More items…

What is the highest EFC number?

999,999Generally 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.