EFC is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms EFC is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms There are very few schools that meet full need. Your EFC is a dollar amount that reflects how much you can afford to pay for college for the following academic year . If your EFC is low and the cost of tuition is high, you’re more likely to qualify for need-based financial aid. What does an EFC of 003175 on my FAFSA mean? Here’s how to understand that number! A good EFC number? Currently, the Expected Family contribution can go as low as $0 (which means that your family should not be expected to contribute anything financially towards your education. Lv 7. While the federal Department of Education uses your EFC to determine Pell and subsidized loan eligibility, colleges vary widely on how they may use your EFC number. It is also possible that you made a mistake on the application. There are lots of numbers to consider when thinking about paying for college. © 2021 Scholarships360, LLC. Starting in 2022-2023 academic year, the EFC will turn into the Student Aid Index! 10 EFC Tips. The information you report on your FAFSA, including specific tax information and family income, is … Parental income is one of the biggest drivers of Expected Family Contribution since both parents’ income are taken into account, as well as the student’s income. The end result is a number that shows how much financial aid you will receive from FAFSA… If your student isn’t ready to complete their FAFSA, then using an EFC calculator can help them get an estimate of what may be available. In most years, these changes are minimal and are not a concern for most FAFSA completers. Good Riddance. Types of Non-Need-Based Financial Aid. He has also worked as an Associate Director of College Counseling at a high school in New Haven, Connecticut. All FAFSA is, is moeny that is given to you by the government to help fund for education (in a nutshell anyways). The CPS receives the student’s FAFSA data, either electronically or on the paper application, and uses it to calculate an EFC. This is the amount that the government says that you can afford to contribute (for one year, not in total) for your child’s college education. 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. The EFC is the number that determines your eligibility for grants. The EFC is a number based on the finances that you report on the Free Application for Federal Student Aid (FAFSA). The video above explains in more detail what your EFC means. In order to estimate your potential financial aid (which would be a good guess at your EFC), you can use the Net Price Calculator. The FAFSA takes many factors into account, including your income and your family's income, family size, and how many siblings you have in college. There could be several reasons why your EFC is high with a low income. My school told me I dont have to pay anything that everything is covered? If your EFC says 006133, then that means that the FAFSA has estimated that your family will contribute $6,133 to your college education. The EFC is the number that determines your eligibility for grants. When the SAI is introduced in the 2022-2023 academic year, the lowest number that a student can receive is -$1,500. The appeal process is a way for us to ensure you are receiving the maximum amount of aid possible based on the changes in your financial circumstances. We always recommend contacting your college financial aid office to ask questions about your specific family situation. Other factors which are involved are; Our college cost software program calculates college financial aid awards taking your EFC estimate and the school’s historical percentage need met providing you with answers to these questions. Rankings or Student Engagement? Good Riddance. What does my EFC mean for me as a student? Do You Want to Learn Them? With this said, it is also critical that you compare the contents of the financial aid award. For students applying for college right out of high school, the “family” in the E.F.C. FAFSA and EFC . What is your projected out-of-pocket costs for each college (affordability question)? 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