But for families with a high level of wealth, this … It is important to determine if there are any early deadlines for the CSS Profile. Get an early start on the financial aid process by using our Expected Family Contribution (EFC) Calculator. Rankings or Student Engagement? It is low enough for you to receive a pell grant and possibly some other need-based aid. An EFC number is the "expected family contribution", or the amount a family is expected to pay for their student's college education. [Strategy Alert]: As referenced above, your EFC number is subtracted from the total cost of attendance of each school to arrive at a financial need number. An EFC that is under 5,000 means that you will receive a Pell grant. What Is The National Merit Scholarship Program? However, this does not mean that you will automatically be given a full ride. Also, Your EFC score also helps determine how much you will receive in government assistance. The abbreviation, or code, for your expected family contribution is EFC. If your EFC is higher than the COA, you just get no aid. Savingforcollege.com is an unbiased, independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how to meet the challenge of increasing college costs. The EFC is a mysterious six-digit number, that may include leading zeros. They joined our  Coaching Program where we prepared their appeal. Secondly, if your income is $49,999 or less you qualify for the “simplified needs test” which means both the parent’s and student’s assets are not counted in the EFC calculation. How to Legitimately Get More Financial Aid? All Rights Reserved. How Student Loans Affect Your Federal Income Taxes This Year, See the best 529 plans, personalized for you. For example, if a Costco price ends in 97 cents, it is a discounted price, while a price that ends in 99 cents is the regular price. If your EFC has a string of “0s” it means that your Expected Family Contribution is $0. There are very few schools that meet full need. Secondly, if your income is $49,999 or  less you qualify for the “simplified needs test” which means both the parent’s and student’s assets are not counted in the EFC calculation. efc of zero is the best you can get. Basic formula, total cost of attendance minus your EFC number equals your family financial need. The latest articles and tips to help parents stay on track with saving and paying for college, delivered to your inbox every week. All Rights Reserved 444 Brickell Avenue, Suite 820 Miami, FL 33131 Phone: (585) 286-5426, 529 Savings Calculator for Private K-12 Tuition, Revised Pay As You Earn Repayment Calculator. A dollar of assets counts less in the EFC formula than a dollar of income does. Schools process incoming freshman packages first then move on to upper returning students. You will see these programs in the financial aid award example below. Does this mean my family is expected to pay 2024.00? Your EFC is an index score and will be used to determine your level of financial need. However most schools do not meet 100% of  your financial  need number when they provide you with a financial aid award. In addition, this school only meets 65% of  financial  need and this award is heavy in loans. The EFC is not like Costco prices, where some of the digits have special significance. It's not like they're going to create a negative financial aid package where you have to pay the rest of the 500,000. The EFC is comprised of you and your family’s taxable income, assets and any other benefits anyone receives. What does my EFC mean? Available for both undergraduate and graduate study. Copyright © 2006–2021 Jim Kuhner, College Selection Strategy. According to the FAFSA official site , “The Expected Family Contribution (EFC) is a measure of your family’s financial strength, and is calculated according to a formula established by law” The EFC will be expressed as number equivalent to a dollar amount. Important, this does not mean you pay nothing for college, read further to understand why. There are EFC codes inside the the SAR Report some will require action on your part to correct mistakes/incorrect information. It is a measure of the family’s financial strength. EFC Families 00000 Eligible for Federal Aid Programs, Financial Aid Award EFC 00000 Family Flagship State School, Your School Must Be Title IV Eligible to Receive Pell Grants, You Will Be Offered Stafford Loans – You Don’t Have to Accept, Apply As Early Each Year As You Can Before Priority Aid Deadline, State Funded | Institutional Funded Financial Aid. The EFC factors in your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security). Unfortunately the actual financial aid awards can vary because the average need met is an average number for the student population (incoming freshman and upperclassmen) at the school. What your parents are planning to pay doesn't matter in the slightest in the EFC measurement. The lower your EFC score the greater your financial need. The EFC is determined by a formula designed by Congress, and is an estimate of how much you and your family are able to contribute toward your education expenses, based on information from the FAFSA. Your EFC is a "Code" the school uses to determine what kinds and how much aid you will get. What Is a Good EFC Number? The family received an additional $9,500, $6,000 was College Free money – grants. The EFC is a number based on the finances that you report on the Free Application for Federal Student Aid (FAFSA). No interest rate is charged while the student is in school at least half-time. Great Scholarship Schools for International Students, Financial Aid Appeal Professional Judgment, PSAT Scoring Results Explained New 2015 Test. Available for students with exceptional  financial need (EFC 0 qualifies). For CSS Profile make sure you file before the schools Priority Aid Deadline date which is the day the college starts building financial aid packages. What it means is that it is the least you will have to pay--$904.00. For example, if a Costco price ends in 97 cents, it is a discounted price, while a price that ends in 99 cents is the regular price. Your EFC is just a code used to determine your eligibility for different types of federal aid. Each year in college you will be required to submit your Financial Aid Application (some privates also require CSS Profile). The school uses the EFC to decide if the student is eligible for other programs which may help lower the actual out-of-pocket cost. I just filed my Fafsa with an independent only member of household single female status. You may also be eligible for funds directly from your school. Your EFC is calculated according to a formula established by law and the information from your Free Application for Federal Student Aid (FAFSA ®). The family was totally unaware of this need met percentage assuming with a zero EFC their out-of-pocket costs would  be minimal. Best Practice for the FAFSA is to file as soon after January 1 as possible so you are at the front of the line. 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). [Strategy Alert]t: The above family contacted us after they lost their initial appeal. The EFC is a mysterious six-digit number, that may include leading zeros. I'm confused by my EFC and what it means. You must understand it is NOT a dollar amount and NOT what you will pay the school you choose to attend. ( Get info on FAFSA here .) Second, anyone not  required to file  an income tax return or  the student’s parent became a “dislocated worker”. It short, the EFC has an effect on how much federal grant money you will be given for college expenses. First, anyone considered in the parent “household size”who received designated means tested federal benefits OR the parent was eligible to file IRS Forms 1040A and/or 1040EZ. So your theoretical out of pocket costs would  be your EFC $20,000 plus unmet need of $6,000 equals $26,000. Note, when the school values the student they might meet 100% of  financial need, or 90% so again these are just guidelines but great “student positioning” with the right school can yield 100% offers. An asterisk will appear next to your EFC number if you are selected verification. Informed Choices Will Eliminate Costly Mistakes ! the lower it is the better. What Does My EFC Number Mean? The lower your score the better your chances for financial aid which usually consists of grants and self-help (loans adn federal work study). Maximum loan amount per year / aggregate maximum undergraduate $5,500/$27,500 and graduate, $8,000/$60,000. If the Costco price ends in 88 or 00, it is a manager markdown. What your parents can pay is the only thing the EFC is supposed to measure.. its like 9500 if your under 24 An EFC of 0000 would qualify for up to the 2019-2020 academic year maximum of $6,195. The EFC is the number that results from filling out your FAFSA. Perkins loans are campus-based meaning decisions are  made  the college you are attending. It is the maximum expected contribution, not necessarily what you actually must or will pay. For many middle income families, this is where “shopping around” really comes into play. EFC is an acronym for "estimated family contribution," which is a dollar amount used in... What is EFC mean on the FAFSA forms - Answers.com Find Out Which Colleges are Generous, Click Above, If you have questions please fee free to contact me. Expected Family Contribution Number (“EFC”) Your EFC Number is located in the upper right hand corner underneath the SAR produced date standing for your Expected Family Contribution. An EFC score or code is your Expected Family contribution. What Does EFC for Financial Aid Mean? Stafford Loan eligibility differs from Pell Grant as you only have to be enrolled or plan to be enrolled half-time. Copyright Ⓒ 2020 Saving for College, LLC. Notice that a $5000 change in taxable assets doesn’t produce a significant change in EFC–in this case, it increases EFC by $500-600. The EFC is the number that determines your eligibility for grants. Instead, the EFC is a dollar amount. Once your FAFSA is processed you will receive a Student Aid Report that shows your processed EFC number. its an index number that the government uses to tell how much you can pay ahead of time to go to college. There are two additional conditions of which one has to be met for the simplified needs test(in addition to the income qualification). This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA What Does it Mean to Have No EFC? efc means estimated family contribution. Most families will gasp when they see how high the EFC is. Loans that have a favorable interest of 5% when compared to other alternatives. Your EFC Number Demonstrates Exceptional Financial Need – Zero EFC is the Lowest Number. This is a number/index that is used to determine Financial Aid Eligibility by … My efc was 2024. $5,500 ($3,500 subsidized/$2,000 unsubsidized), $6,500 ($4,500 subsidized/$2,000 unsubsidized), $7,500 ($5,500 subsidized/$2,000 unsubsidized, Pell Federal Educational Grants (money that does  not  have to be  paid back), Federal Work-Study Program (does not count as financial aid income for student), Financial Need Expected Family Contribution Number. Even families with an EFC of Zero can end up with a funding gap. In fact, it puts most private colleges out of your reach unfortunately. The lower the EFC, the higher the grant, so your EFC of $3175 means that you will receive a Pell, but not a full one.
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