What is a good EFC number?
An EFC number under 5273 often qualifies you for a work study job.
While most of these jobs are catered to students, giving them flexible hours and time to study, their pay is often low and any money earned is directly applied toward tuition and fees..
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.
Is it better to have a higher or lower EFC?
Generally the lower a family’s EFC number, the more likely a student will receive financial aid. But an EFC’s significance is often more complicated. “There’s no ‘good’ EFC because it is a range.
How do I lower my fafsa EFC?
“Common advice: pay down debt and make big purchases before filing the FAFSA.” If you have a lot of savings consider spending some of those savings towards paying off your debt. This has the primary advantage of reducing your EFC, the asset base by which your need is assessed.
Why does my EFC start with a 0?
Zero is the lowest EFC number; 99,999 is 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 is my EFC so high?
If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. … Parents that withdraw from their 401k to pay for a student’s education are in fact increasing their EFC, because that withdrawal is counted as untaxed income on the FAFSA.
What is a low EFC number?
A low EFC means you may be eligible for a larger financial aid package, while a high EFC means you may have to rely on unsubsidized loans to cover any costs your family can’t afford. Behind the scenes, the EFC you receive is based on a complicated formula.
Is EFC what I have to pay?
When you file the Free Application for Federal Student Aid (FAFSA), your income, asset and personal information are used to calculate the Expected Family Contribution, which also is known as the EFC. … Despite the name, the expected family contribution has little to do with the actual amount you will have to pay.
What do I do with my EFC number?
Institutions use a student’s EFC as a barometer for a student’s financial need. The formula for financial need is a school’s Cost of Attendance (COA) minus the student’s EFC. Within the COA, schools calculate: Tuition and fees.