What Is An EFC Score?

What is a good EFC number?

Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all.

The numbers, and the amount awarded, fluctuate annually.

The closer you can get to zero, the more federal dollars you’ll have to help pay for tuition and fees..

What does it mean if your EFC is high?

If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. In those cases, the government assumes your family can afford all the costs of college.

How do I find my EFC score?

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.

How do I lower my fafsa EFC?

“Common advice: pay down debt and make big purchases before filing the FAFSA.” If you have a lot of savings consider spending some of those savings towards paying off your debt. This has the primary advantage of reducing your EFC, the asset base by which your need is assessed.

What should my EFC be to get a Pell Grant?

If your EFC is at or below $5,140 for the 2019-20 academic year, you will be eligible to receive the Pell Grant. Each family’s financial situation is different, and there’s no one income cutoff that makes a student eligible or ineligible to receive the Pell.

What is an average EFC?

An Expected Family Contribution is a dollar figure that represents what financial aid formulas believe a family should be able to pay for one year of a child’s college education. No. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000.

What is the highest EFC number possible?

Generally speaking, the lower the EFC, the higher the financial aid award will be. Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.

Is EFC a dollar amount?

The student’s EFC is the minimum amount the student is expected to contribute toward the cost of college. Thus, EFC represents a dollar amount. It is the “output” of the aid forms and calculations.

How much money can you make and still receive fafsa?

Although there are no FAFSA income limits, there is an earnings cap to achieve a zero-dollar EFC. For the 2020-2021 cycle, if you’re a dependent student and your family has a combined income of $26,000 or less, your expected contribution to college costs would automatically be zero.

What is EFC on fafsa mean?

Expected Family ContributionYour Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. … Note: Your EFC isn’t the amount of money your family will have to pay for college and it isn’t the amount of federal student aid you’ll receive.

Do I make too much for fafsa?

MYTH 1: My parents make too much money, so I won’t qualify for any aid. FACT: The reality is there’s no income cut-off to qualify for federal student aid. It doesn’t matter if you have a low or high income, you will still qualify for some type of financial aid, including low-interest student loans.

How do I get the most money from fafsa?

Top Ten FAFSA Tips to Maximize Your EligibilityFile the FAFSA early. … Minimize income in the base year. … Reduce reportable assets. … Save strategically. … Spend strategically. … Coordinate 529 college savings plans with the American Opportunity Tax Credit (AOTC). … Maximize the number of children in college at the same time.More items…•

Is EFC what I have to pay?

Your EFC is not the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate how much financial aid you are eligible to receive.

Does EFC 0 mean full ride?

A student with an EFC of zero is considered a “full-need student.”

What is the income limit for Pell Grant 2020?

If your family has an adjusted gross income of $26,000 or less, your EFC is calculated at zero, and you can qualify for up to the maximum amount in Pell Grant funding if your school costs more than $6,195 a year to attend.

How do I pay for college with high EFC?

5 ways to pay for college when you can’t meet your Expected Family ContributionBrainstorm with your parents. … Negotiate with your potential schools. … Apply for state grants and private scholarships. … Start a part-time job or side hustle. … Consider federal and private loans.

What does an EFC of 5000 mean?

Say your EFC is 5,000. That means your family is expected to contribute 5,000 to your yearly college costs. Every school is going to have a different cost of attendance (COA) depending on how much you’ll spend on tuition, books, housing, and other factors.

How much EFC is too much?

A wide range of EFCs exists. Families with adjusted gross incomes (AGI) of $25,000 or less have an automatic EFC of $0. The EFC for the average American household with an AGI of $55,000 will often range from $3,000 to $4,000. These families have significant financial aid needs.

Do you have to report 529 on fafsa?

A 529 college savings plan account that is owned by the student or the student’s parent must be reported as an investment asset on the Free Application for Federal Student Aid (FAFSA). Distributions from such a 529 plan are not reported as income on the FAFSA.