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Mar 20, 2024 · What Does My EFC Number Mean? The EFC is a mysterious six-digit number that may include leading zeros. Technically speaking, this figure can be anything from zero upwards, as there is no maximum EFC. You may also wonder why your EFC is 6 digits.
Having a high EFC may disqualify your from need based aid like grants but you may still be eligible for federal student and parent loans. Yeah that's a pretty huge number. It means they think you're family can afford to pay $48,000 every single year for university. I mean, this must mean your parents are pretty high income and/or high assets.
Mar 8, 2024 · An EFC number is the "expected family contribution," or the amount a family is expected to pay for their student's college education. In short, the EFC affects how much federal grant money you will be given for college expenses. Here's how it works. Once your FAFSA form is received, the schools arrive at a number between 0 and 5273 for your family.
- Stacy Zeiger
Sep 12, 2022 · How Is the EFC Calculated? The formula used to analyze parent and student income and assets on the FAFSA produces your EFC, which consists of: 3% – 26% of parent adjusted gross income plus. 50% of student taxed and untaxed income over a fixed income protection allowance ($7,600 for the 2023-24 school year) plus. 2.6% – 5.6% of p arent ...
Feb 29, 2024 · EFC or Expected Family Contribution is the amount of money that a college estimates that your family can afford. This is calculated as part of your financial aid application process through the FAFSA, CSS Profile, or other financial aid forms. Recommended: FAFSA 101 guide for students.
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.
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Sep 14, 2023 · For example, an EFC of $15,000 wouldn’t necessarily be high for a student attending Harvard, which has a COA of over $75,000, but it would be high compared to the cost of a local community college. 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 ...
