Quick Answer: What Is A Good EFC Number?

Why is my EFC so high?

For most students, a high household income will be the reason for a high EFC.

This makes it perhaps the most important factor in the EFC formula.

The EFC formula takes into account both parents’ incomes and the student’s income, with higher-income families expected to contribute more to their student’s education..

What is the average EFC?

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 highest EFC score?

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.

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 a good EFC score?

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 does my EFC code mean?

Expected Family ContributionBy Kevin Ott College Administration and Financial Aid Specialist. EFC stands for Expected Family Contribution. The EFC code number you receive after you complete a FAFSA (Free Application for Financial Aid) is the amount your family is expected to contribute for one year (the school year to which the FAFSA applies).

What is a bad EFC number?

Overall, there is no such thing as a bad EFC number as long as your family can afford to pay or cover with scholarships the EFC and whatever the difference is between financial aid and tuition.

What EFC qualifies for financial aid?

Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. … The EFC factors in your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security).

Is EFC a dollar amount?

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. For example, 12000 is $12,000.

What do I do if my EFC is too high?

What If My Family Can’t Meet Our EFC?What is EFC?Discuss Your Options With Your Parents.Understand How Your EFC Was Derived.Appeal your Financial Aid Award.Apply For Scholarships and Grants.Work Part-Time or Freelance.Take A Year Off.Consider Private Student Loans.

What is the max EFC to receive a Pell Grant?

The maximum Pell Grant award for the 2019-2020 award year is $6,195, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) is 5576.

What does an EFC of 5000 mean?

Say your EFC is 5,000. That means your family is expected to contribute 5,000 to your yearly college costs. Every school is going to have a different cost of attendance (COA) depending on how much you’ll spend on tuition, books, housing, and other factors.