Quick Answer: What Does My Fafsa EFC Number Mean?

What are the EFC ranges?

An EFC can range from 0 to 999,999.

For example, if you had an EFC of 0, your family wouldn’t be expected to make any financial contribution.

On the other hand, if you had the 999,999 EFC, your family would be expected to pay for your entire cost of attendance..

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 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.

What is the highest EFC number possible?

999,999Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.

Does fafsa look into bank accounts?

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

Why is my expected family contribution 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.

Why is my EFC so high with low income?

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 EFC score?

So what is an EFC? 2. Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. Your EFC is calculated according to a formula established by law and the information from your Free Application for Federal Student Aid (FAFSA®).

What does an EFC of 3000 mean?

. If they have an EFC of only $3,000, they should qualify for all kinds of grants, because either they have a lot of kids in college, or they are very low income. EFC is generally equal to about 25% to 28% of your gross income, so they must only have about $12,000 a year in gross income.

What does fafsa EFC code mean?

Expected Family ContributionEFC 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 the average EFC for fafsa?

The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university.

What do I do if my EFC is too high?

Call the financial aid office at the college you are planning on attending and ask for an explanation of your EFC. A representative can provide the reasoning behind the calculations, so you might be able to see something you missed. In some cases, you may be able to appeal your financial aid decision.

How do I maximize my fafsa money?

Ways to increase aid eligibilityMax out your retirement accounts. … Pay down debt. … Reduce income. … Do not open custodial accounts for your children. … Plan ahead for family contributions.

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.

How do I use my EFC number?

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.