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the FAFSA form. A student may submit a FAFSA form: • by using FAFSA on the Web, • by filing an application electronically through a school, or • by mailing a FAFSA form to the Central Processing System (CPS). Students who applied for federal student aid in the previous award year may be eligible to reapply using a renewal FAFSA form online.
Dec 7, 2022 · The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education for a given award year. It impacts a student’s eligibility for certain types of federal student aid. The EFC is calculated according to a formula specified in the law and explained in detail in this chapter.
- FAFSA and EFC
- How Your EFC Determines The Types of Financial Aid Offered
- Will I Receive Full Aid For The Difference Between My COA and EFC?
- Receiving Aid Beyond Your EFC
When applying for financial aid, your very first step is filling out the Free Application for Federal Student Aid(FAFSA) form. This form is available online, making it accessible to students. Online FAFSA forms for the 2020-2021 academic year are now open and will close on June 30, 2021. The FAFSA will require you to fill out how much income your f...
Your EFC will determine if you are eligible for need-based financial aid. Need-based financial aid refers to grants, subsidized federal loans, and work-study programs that are reserved for low-income students.
Although your EFC might be small or even zero, this does not mean you will automatically be eligible to receive aid for the remaining tuition costs. For instance, if you are a first-year undergraduate, and your COA is $75,000 per year, and your EFC is $5,000, you’ll have a $70,000 financial aid need. Assuming you receive both federal grants, your m...
Your EFC is used by the federal government to determine how much need-based aid you’re eligible for. Your need-based aid may not cover all of your educational expenses, however. If this is the case, or if your EFC is too high and prevents you from receiving need-based aid, you have other options. First, look into non-need-based federal aid, like fe...
Mar 20, 2024 · The EFC, or Expected Family Contribution, is a figure determined through your FAFSA financial aid application, CSS profile, or other financial aid applications. Colleges use it to work out how much financial aid you’re eligible for. It’s the amount you’re expected to pay to cover your college costs, including tuition, books, supplies ...
- There is no “good” or “bad” expected family contribution. This figure represents how much you or your family are financially able to pay for the co...
- An EFC of $14,000 means that you or your family has been assessed as being capable of paying $14,000 to cover college tuition and expenses for the...
- Your Expected Family Contribution is calculated based on a wide range of income assets. Some of the common reasons that may lead to a higher EFC th...
- If you have an EFC of 50000 printed on your Student Aid Report, this means that you or your family has been assessed as being capable of paying $50...
- Just as there’s no good or bad EFC number, there’s also no “normal” EFC. An EFC can range from zero to any positive number (there’s no upper limit)...
- If your family and/or spouse has a low income but you receive a high EFC, this is likely due to other assets your family owns, such as non-retireme...
- It’s always worth filling out the FAFSA, no matter how high your family’s EFC is. There are some types of financial aid that are available to high-...
The EFC is the amount of money your family will be expected to contribute to your education. The EFC is subtracted from the school’s Cost of Attendance (COA), also known as the “student budget”, to arrive at your financial need: Financial Need = COA – EFC. The student budget includes tuition, fees, room and board, books and supplies ...
Learn how your Expected Family Contribution (EFC) affects your eligibility for federal student aid and how to calculate it.
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What is a FAFSA & EFC?
What does EFC stand for in financial aid?
What is an EFC on a 2023 FAFSA?
What is the Expected Family Contribution (EFC)?
What is an EFC & how does it work?
How does EFC affect financial aid?
Sep 18, 2024 · The Student Aid Index (SAI) is simply a number that represents the "financial need" you have to afford college. The lower the number, the more need you have (e.g. you cannot afford to pay much towards college). Due to the confusing nature of the EFC, lawmakers have decided to make a change. However, the reality is that the change is mostly in name.
