What is a good EFC score?
Get a Job. 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 a high EFC?
If you have a high EFC, it means the federal government thinks your family will be able to cover a bigger portion of your cost of higher education — especially if your EFC is more than the cost of the college your student is attending.
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 50000 mean?
Expected Family Contribution
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 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 3000 EFC 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 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.
How do I reduce my EFC?
Legal Ways to Reduce Your Expected Family Contribution
- Maximize Household Size. The larger your household size is, the lower your EFC will be (in most cases).
- Increase College Attendance Among Family Members.
- Wait Until the FAFSA Considers You Independent.
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.
Is a 20000 EFC good?
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.
What does an EFC of 8000 mean?
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. On the other hand, if college A costs $6,000, you may not be offered financial aid (from college A), since FAFSA indicates you can pay that much out of your own pocket.