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What does EFC of $10000 mean?
Most schools do not meet 100% of financial need for all of their students. If your EFC is $10,000, your financial aid package may still require you to pay $12,000, $15,000 or $20,000, depending on the tuition and expenses each college charges. Insights into how colleges determine how to award you aid.
What is a normal EFC fafsa?
about $10,000
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 fafsa EFC code mean?
Expected Family Contribution
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).
How do you know what your EFC number means?
expected family contribution
Trying to understand the EFC number and what it means? An EFC number is the “expected family contribution”, or the amount a family is expected to pay for their student’s college education. It short, the EFC has an effect on how much federal grant money you will be given for college expenses.
What does an EFC of $14 000 mean?
So, if a school’s COA is $42,000 and the student’s EFC is $28,000, the calculated financial need is $14,000. While your Expected Family Contribution will not impact non-need-based awards (like merit scholarships), the need-based aid you receive won’t exceed your EFC.
What does an EFC of 7000 mean?
Understanding Your EFC This number is the amount of money that you and your parents can afford to pay towards college. For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000.
What is a high EFC number?
Your EFC score will begin at zero and continue into the tens of thousands. 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.
What does my FAFSA EFC number mean?
There are lots of numbers to consider when thinking about paying for college. Probably the most important number is your Expected Family Contribution, or EFC. Understanding your FAFSA EFC number will help you navigate the financial aid process so you can maximize the amount of aid that you will receive. What is the EFC?
What does your EFC number mean if it is not 00000?
What does your EFC number mean if it is not 00000? [ 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. However most schools do not meet 100% of your financial need number when they provide you with a financial aid award.
What does CoA less EFC in FAFSA mean?
Say the school only meets 70% of financial need, that means as a general guideline the family pays their EFC amount and then 30% of the family’s financial need (COA less EFC = Financial Need).
What does zero EFC mean for financial aid?
Your EFC Number Demonstrates Exceptional Financial Need – Zero EFC is the Lowest Number How Do You Interpret Your 2019-2020 Academic Year EFC Score for Financial Aid? If your adjusted gross income is less than $24,999 or less for the 2017 base year, you have an automatic EFC 00000.