what does EFC mean in fafsa?
my EFC is 001792, what does this mean ?
will i get fafsa ? is that the amount of money I will receive ?
- nancyLv 74 weeks ago
EFC means "Expected Family Contribution" It is not the amount of money you will receive, nor the amount you are expected to pay the school, but rather the amount of money your family would have to contribute toward your total Cost of Attendance (COA) before you would be eligible for need-based aid, such as the Pell grant, or a subsidized loan. The Cost of Attendance includes your school's direct charges, such as tuition, fees, and room and meal plan (if those apply). But it also includes other, indirect costs such as books, transportation, personal expenses and off campus living expenses (if you're living off campus). When determining your eligibility for aid, the school will subtract your EFC from your Cost of Attendance. The resulting number is your calculated financial need. The school can then award need-based aid up to that number. However, although they CAN award that much, that doesn't mean that they WILL. Most schools don't have the resources to cover the entire bill for every student, so it's not uncommon to have a "gap" between your aid and the amount of your bill from the school. That gap can be paid out of pocket, or with alternative loans such as the federal Parent PLUS loan or a loan through a private lender like a bank or credit union. The EFC will be the same at every school, but your aid is likely to vary from school to school. You will be eligible for the same amount of federal student aid (Pell grant and federal Direct loans) at each school, but other aid will vary, depending on each school's COA and resources. The lower the EFC, the higher your eligibility for need based aid. With an EFC of 1792, you will be eligible for a partial Pell Grant, and will most likely also be offered some federal student loans ($5,500 if you are a first year dependent student). Pell grant recipients are generally also first in line for other types of aid, such as state grants or school need-based scholarships, so you can probably expect to be offered some aid from those sources as well. Keep in mind that the school that offers you the most aid isn't necessarily the best buy. When comparing schools, look at the bottom line--the amount you will have to pay AFTER your aid is applied to the bill. Sometimes a lower cost school that doesn't offer much aid is actually a better choice than a high cost school that offers you a big scholarship.
- diLv 44 weeks ago
The EFC (expected Family Contribution) is what the Federal Government "expects" your family to provide for you, based upon the family income and household size. This is not necessarily a cash amount - think clothing, food, travel resource, etc. The maximum Pell Grant for 2019-2020 with an EFC of 1792 would be $4445 for 2 full time semesters. Your school will take your Coast of Attendance (tuition, fees, estimated books & supplies, room & board, and estimated travel and personal expenses), subtract the EFC, and then try to meet the remainder with various sorts of financial aid - this is called a "financial aid package". Most schools start to meet your need with grant and gift aid (state, federal & scholarships), the self-help aid (loans, work-study). Unmet need is any amount the school could not provide through available aid sources. Hope this explanation helps!
- 4 weeks ago
EFC stands for expected family contribution! it means that based on your family's income and the price of your school, your family will pay about $1,792 (although i'm not sure if that's per semester or per year)
- Aster RhoidsLv 64 weeks ago
Your EFC is based on your income.
It's used to determine the amount in financial aid you are eligible to receive.