What does my EFC number mean?
What does my EFC number mean?
Expected Family Contribution
Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. The EFC factors in your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security).
What is my EFC for college?
Your EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The information you report on your FAFSA form is used to calculate your EFC.
How do I read my EFC?
Need-Based Financial Aid The EFC number will be located on the top-right of the Student Aid Report (SAR) you receive, either electronically or physically, a few weeks after filing your FAFSA. This same SAR is sent to every school you list as a recipient on your FAFSA.
What is the average EFC?
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 is an 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.
Is 6000 a high EFC?
The EFC for the average American household with an AGI of $50,000 will usually range from $5,000 to $6,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university. 3.
Is there an EFC calculator for financial aid?
Get an early start on the financial aid process by using our Expected Family Contribution (EFC) Calculator. This tool will help you understand what the college might expect your family to contribute to the cost of college, which allows you to begin making a plan for how to pay for college.
How is the Expected Family Contribution ( EFC ) calculated?
THE EFC FORMULA, 2021–2022 What is the EFC? The Expected Family Contribution (EFC) is a number that determines students’ eligibility for certain types of federal student aid. This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA ®).
What do you need to know about the EFC formula?
5. The EFC formula does not take into consideration a family’s consumer debt, any previously acquired student debt, mortgage payments you make on your primary residence, or medical debt.* 1.
Where does the EFC come from for college?
The cost of college includes your direct costs of tuition, fees, residence hall, food but also travel, books and estimated other costs. The EFC is the Expected Family Contribution, which is derived when you complete the FAFSA.