What is a good EFC number on FAFSA?

Once your FAFSA form is received, the schools arrive at a number between 0 and 4617 that will result in a federal student aid grant for the following academic year. 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.

What does EFC of 40000 mean?

This means low-income students will often be eligible for more financial aid. For example: Say your EFC is $15,000 and your school’s cost of attendance is $40,000. With this EFC, your calculated financial need would be $25,000. But if you had a higher EFC of $30,000, your financial need would be only $10,000.

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.

What does an EFC of $50 000 mean?

Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need. For example, if the total COA (Tuition & Fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family’s EFC from the FAFSA was $30,000, they would have $20,000 of financial need.

What does an EFC of 20000 mean?

If you have an EFC of $20,000, the college meets 70% of financial need, this leaves you with 30% of unmet need (Example, total cost $40,000 less EFC equals financial need of $20,000 times 30% unmet need $6,000. So your theoretical out of pocket costs would be your EFC $20,000 plus unmet need of $6,000 equals $26,000.

What does EFC of 18000 mean?

For example, if your cost of attendance is $25,000 and your EFC is $18,000, the college calculates $25,000 – $18,000 = $7,000. This shows that you’re eligible for $7,000 in need-based aid.

Is an EFC of 4000 Good?

So, a lower EFC is more beneficial. For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.

What does an EFC of 12000 mean?

For example, 12000 is $12,000. This means that the federal government (and colleges) expect your family to be able to reasonably contribute $12,000 per year towards your college expenses. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point.

Is 20000 a high EFC?

The reality is that families with an EFC of $20,000 or more will be expected to pay the equivalent to the tuition at a state school. The table shows some families would qualify for some aid based on an average total cost of $28,000 for public universities.

Is an EFC of 5000 Good?

If your EFC is $5,000 and the school’s cost of attendance is $20,000, your calculated financial need is $15,000. So, a lower EFC is more beneficial. For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000.

What does EFC of 24000 mean?

Say your EFC is $24,000 (for one year). At a public university that costs $23,000, you have no need, according to the FAFSA formula. But at a private college that costs $71,000, you do have need ($71,000 – $24,000 = $47,000), and you could receive an institutional grant.