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.
about $10,000
Beside this, What is a high EFC score?
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.
Likewise, How much EFC is too much?
There is no upper limit on the EFC. Some very wealthy families will have EFCs that exceed the cost of an expensive private university. Here is an example of an EFC that a higher-income couple with two children (only one in college) could generate.
Also, What is a good EFC?
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 an EFC of 50000 mean?
total family contribution
21 Related Question Answers Found
What does an EFC of 8000 mean?
It’s really just a simple math! For example, if your EFC is $8,000, and the college costs $15,000 to attend, you may be eligible for $7,000 worth of aid. … The lower your EFC, the more likely it is that you will be eligible for need-based aid, such as grants and subsidized federal loans.
What is a good EFC to get financial aid?
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 an EFC of $14000 mean?
Amount of Financial Need = (Cost of Attendance) – (Expected Family Contribution) So, if your school’s COA is $42,000 and your EFC is $28,000, your financial need is $14,000.
What is a good EFC amount?
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 is the average EFC?
about $10,000
What is the highest EFC number possible?
999,999
What is the range for EFC on fafsa?
0 to 999,999
What is the average EFC score?
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 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 is a high EFC number?
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 EFC qualifies for financial aid?
Families should also keep in mind that those with an EFC of 5576 or lower are eligible for Pell Grants for the 2019-2020 award year, according to the Department of Education. The Pell Grant helps students from low-income households pay for college and is the largest federal grant program available to undergraduates.
What does an EFC of 5000 mean?
Ultimately, your EFC helps the federal government and your school decide how much need-based federal aid you can receive. Your need-based aid allotment can’t exceed your cost of attendance. If your COA is $10,000, for example, and your EFC is $5,000, you can’t receive more than $5,000 in need-based aid.
Last Updated: 21 days ago – Co-authors : 13 – Users : 11
