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The Expected Family Contribution (EFC) calculator previously helped in estimating the student and the family’s contribution towards the cost of attending college for an academic year. Beginning with FAFSA year 2024-25, the Student Aid Index (SAI) has replaced the Expected Family Contribution (EFC) formula. The SAI is similar to the EFC with a ...
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Nov 13, 2022 · The following equation shows how EFC helps determine your financial need: Cost of Attendance – Expected Family Contribution = Financial Need. Let’s say you’re applying to an elite private ...
- EFC is based on the parents’ and student’s income and assets. A high EFC is likely the result of high income or a high value of assets as reported...
- A good EFC for each family will depend on their individual circumstances. In most cases, the lower the EFC, the better, since that typically corres...
- Look at the assets that EFC takes into account in order to consider how to lower yours. For example, since bank account balances are factored in, p...
- 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...
Sep 29, 2022 · Understanding the Expected Family Contribution (EFC) The Expected Family Contribution Can Determine Financial Aid Eligibility. Jodi Okun is an expert on college financial aid and student loans—a subject she mastered over the course of 10 years as a financial aid consultant at Occidental College and Pitzer College, as well as other institutions.
- Jodi Okun
Sep 16, 2024 · What you’re left with is your “net available income.”. Multiply it by 0.47 to get the amount you’re probably going to be expected to spend on college next year. If that’s, say, $40,000, then the aid formulas will anticipate that you can spend $18,800. Second, the formula will look at your parents’ assets.
Jun 14, 2021 · The EFC is not used for merit-based scholarships, private student loans and Parent PLUS loans. How the EFC Determines Financial Aid Federal Pell Grant. The Pell Grant is only available to families who score below a certain EFC threshold. Pell Grants are given for up to six years of undergraduate school, including community colleges and trade ...
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Jul 27, 2023 · The Expected Family Contribution (EFC) has played a critical role in how much you’ll pay for your student to attend college. However, a new metric called the Student Aid Index is replacing it starting with the 2024-25 FAFSA, which opened Dec. 31. This EFC guide pertains only to the FAFSA forms for 2023-24 and earlier.
