The numbers are essentially placed into the FAFSA EFC chart, and the calculations determine eligibility. 5214 0 obj <> endobj So, a school that costs more than that MIGHT offer you some grant money, and/or suggest some loans and work-study to help cover the difference between the COA (cost-of-attendance) and your EFC. COA – EFC = Eligibility Determination. The result is your funding gap (net … Your EFC is calculated according to a formula established by law and the information from your Free Application for Federal Student Aid (FAFSA ®). This is the amount that the government says that you can afford to contribute (for one year, not in total) for your child’s college education. The formula they use is: Cost of attendance If your adjusted gross income is less than $24,999 or less for the 2017 base year, you have an automatic EFC 00000. 0 5254 0 obj <>stream !*��0�š�0��p݂�J0A�Nfw���p���P�(\F(�����4ˑ�e�! EFC stands for Expected Family Contribution. h�b```b``Qg`a``[� Ā B�l@q����� 6658 0 obj <>/Filter/FlateDecode/ID[<6205C8D963D70D4B9C3644F04BC205B3><571906C8D659E9449532FC45DB7524E9>]/Index[6642 52]/Info 6641 0 R/Length 90/Prev 521080/Root 6643 0 R/Size 6694/Type/XRef/W[1 3 1]>>stream This total number is then subtracted from the total cost of attendance. Lastly, you may check the status of your FAFSA application and to get your complete SAR, by calling the Federal Student Aid Information Center using the toll-free number: (800) 433-3243. EFC is calculated by taking the Cost of Attendance (COA) and subtracting the EFC. There are lots of numbers to consider when thinking about paying for college. 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. This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA. (��8݇00n����������p���A���c&BFf��5�r����*sJu_0�\2�і�2c ��"�`F'&;��LҌ��2�:��*. After all, you can’t make a realistic plan to cover the student’s share if you don’t have any idea what the student’s share could be. The SAR summarizes the information you provided on the FAFSA, and indicates the Expected Family Contribution (EFC). A student’s EFC can be zero. Prefer a quick estimate of your EFC instead? Your FAFSA EFC is $41549. FAFSA’s Expected Family Contribution Is Going Away. Strategy Alert: FAFSA EFC Analysis Calculator provides FAFSA/CSS Profile estimates not only of your EFC number/s but also projects financial aid awards for each college. There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA. For example, an EFC of $10,074 means that your family will be expected to pay at least $10,074 for college annually. The information you report on your FAFSA form is used to calculate your EFC. No. The SAR summarizes the information you provided on the FAFSA, and indicates the Expected Family Contribution (EFC). The dollar figure that the federal financial aid form spits out has long left families confused and despondent. endstream endobj startxref Good Riddance. The EFC is a mysterious six-digit number, that may include leading zeros. After you file the Free Application for Federal Student Aid (FAFSA), you will receive a Student Aid Report (SAR) that includes the expected family contribution (EFC) on the top right. This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA. Probably the most important number is your Expected Family Contribution, or EFC. That means an estimated family contribution of $41,549. The Expected Family Contribution (EFC) is a number that determines students’ eligibility for certain types of federal student aid. The EFC is the amount of money your family will be expected to contribute to your education. The EFC is the amount of money your family will … So if the previous EFC was $48,000 for her son, with two in school the EFC for each child would be $24,000. 2. Review Your Expected Family Contribution (EFC) The information you report on your FAFSA form is used to calculate your EFC. Not necessarily. According to FAFSA, it “is a measure of your family’s financial strength, and is calculated according to a formula established by law.” The FAFSA won't be available until Oct. 1 but in the meantime you can download the EFC Formula Guide for the current year and calculate your Expected Family Contribution. %%EOF %PDF-1.7 %���� Generally, you should look at that as the minimum you would pay without any merit aid. h�bbd```b``= "��@$�W����ɸDro �ĀE4�"� �!H2���w��i �q��s����1012���g` �?ûo n=W Some people use a formula COA – EFC= Amount You Pay but in reality this understates in most cases what you will pay. But no matter where you are in the FAFSA filing process, I’ll give you a few ideas to lower your EFC and to increase your needs-based aid for college. This Expected Family Contribution (EFC) calculator helps in estimating the student and the family’s contribution towards the cost of attending college for an academic year. If your client didn't qualify for aid last year, they won't qualify this year. The EFC code number you receive after you complete a FAFSA (Free Application for Financial Aid) is the amount your family is expected to contribute for one year (the school year to which the FAFSA applies). Things like … 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. ��/Vg���&�o`Q�K�V���d��k ���j���\9�8)�m����"/�-�k�3ä#��QY�渶��s!�����1���m�&uNq\��,��URc��҆�:��"Oé�]6yUH=,���n�ze�M�./���Z��֭X�(�O�Q��ə-�˖?^T���`�L�I@�ŝ����Z%)�y�Ŝ]���3U�zf>�ns�����Y*:��WJ�C��{o��7ͳb�^r�:��+$���t�R����2�ˤ� �}s�VzUL�ӝ�4v��&w��Ms\g�T�k��#�m@sV���R���/�,Pey����6��UA�Tw�4d��X�Wĩq�\����[��4=�=�k�s�I=:���\e顲���u�JO��``���h ƌZz ��I, �d�ʄC���P �� According to FAFSA , it “is a measure of your family’s financial strength, and is calculated according to a formula established by law.” 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 EFC is determined by a formula designed by Congress, and is an estimate of how much you and your family are able to contribute toward your education expenses, based on information from the FAFSA. EFC stands for Expected Family Contribution. endstream endobj startxref With that sort of EFC, the family could qualify for need-based aid for their daughter from expensive private colleges. Financial aid administrators (FAAs) subtract the EFC from students’ cost of attendance to determine their need for … Your EFC Number Demonstrates Exceptional Financial Need – Zero EFC is the Lowest Number How Do You Interpret Your 2019-2020 Academic Year EFC Score for Financial Aid? The dollar figure that the federal financial aid form spits out has long left families confused and despondent. Calculations include adding up the parents’ income and assets, along with the student’s income and assets. Some include work-study and loans. The EFC is included on the Student Aid Report and Institutional Student Information Record, which are sent after filing a form called a Free Application for Federal Student Aid . %PDF-1.7 %���� The EFC, Expected Family Contribution, is a number determined by the federal government and colleges through the FAFSA. Review Your Expected Family Contribution (EFC) The information you report on your FAFSA form … Because state taxes can contribute greatly to the cost of living, the EFC … It’s very important to note that the EFC is not the amount of money your family will have to pay for college. This means that, … Financial aid administrators (FAAs) subtract the EFC from students’ cost of attendance to determine their need for … Your EFC Number Demonstrates Exceptional Financial Need – Zero EFC is the Lowest Number How Do You Interpret Your 2019-2020 Academic Year EFC Score for Financial Aid? It’s very important to note that the EFC is not the amount of money your family will have to pay for college. EFC stands for Expected Family Contribution. This means that your family will likely be expected to pay AT LEAST that amount when you attend college. 0�U��6H;p�`|s�G�Á���1�/�lS^P�``` l�m����z�A. 6642 0 obj <> endobj But there are exceptions: If the school costs less than that...you would pay the amount the school costs. If your adjusted gross income is less than $24,999 or less for the 2017 base year, you have an automatic EFC 00000. The number is meant to represent the amount that the government (and the financial aid office at the college) believes your family can afford to pay for your student’s studies in a given year. Instead, the EFC is an index number used by financial aid offices to calculate your financial need. For one year. Good Riddance. FAFSA’s Expected Family Contribution Is Going Away. Once your FAFSA form is received, the schools arrive at a number between 0 and 4617 that will result in a federal student aid grant for the following academic year. If both children attended schools that just use the FAFSA, The EFC for each child would drop by half. The EFC is a number based on a specific formula that will correlate with what you are eligible to receive in federal financial aid for college. COA – EFC = Eligibility Determination The numbers are essentially placed into the FAFSA EFC chart, and the calculations determine eligibility. Colleges use your EFC Code to calculate your financial aid eligibility. (Just watch out — different schools might provide a different mix of loans vs. grants to meet that financial need, so compare financial aid offers.) EFC is the measure of a family's financial strength generated by the information provided on the FAFSA, the U.S. Department of Education form used to distribute federal financial aid. EFC stands for Expected Family Contribution. There is a set of specific calculations used to determine your eligibility. What if your Expected Family Contribution is zero? h�bbd```b``}"Y��H�_ Rm��2�� �1D�M�s�$�7��f0&�d-X�z �Y#�d#H(6���/�� 9| Financial need is the difference between the cost and the Expected Family Contribution. The number is meant to represent the amount that the government (and the financial aid office at the college) believes your family can afford to pay for your student’s studies in a given year. Instead, the EFC is an index number used by financial aid offices to calculate your financial need. In simple terms, generally the lower your FAFSA EFC, the more in federal financial aid for college you are eligible to receive. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000. Use this 2020-21 academic year Expected Family Contribution (EFC) Calculator to: Estimate how much the student’s family will be expected to contribute for the year. Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. It’s best to get a ballpark idea of what a family’s EFC will be as early as a child’s freshman year in … This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA. EFC is the measure of a family's financial strength generated by the information provided on the FAFSA, the U.S. Department of Education form … 5232 0 obj <>/Filter/FlateDecode/ID[<1C4B47BB6C1D4446B5714DBC025F5A1B><8801530D498B3B46AA54E48423A8C0FE>]/Index[5214 41]/Info 5213 0 R/Length 100/Prev 550288/Root 5215 0 R/Size 5255/Type/XRef/W[1 3 1]>>stream 0 The EFC is not like Costco prices, where some of the digits have special significance. You live in a low-tax state. To ensure a successful call, be sure to have your full name, date of birth, social security number and your FAFSA ID available. EFC from the FAFSA represents the absolute minimum amount the government thinks the family can pay for college. Financial aid administrators (FAAs) subtract the EFC from students’ cost of attendance to determine their need for the following … The EFC is the Expected Family Contribution, which is derived when you complete the FAFSA. Your EFC determines how much needs-based financial aid, such as subsidized loans and Pell Grants, you're eligible for. The FAFSA won't be available until Oct. 1 but in the meantime you can download the EFC Formula Guide for the current year and calculate your Expected Family Contribution. Colleges try to meet your financial need, some with “gift aid” (grants and scholarships). For example, an EFC of $10,074 means that your family will be expected to pay at least $10,074 for college annually. Understanding your FAFSA EFC number will help you navigate the financial aid process so you can maximize the amount of aid that you will receive. 6693 0 obj <>stream Subtract the EFC from the COA and you get the other number you’re really interested in: how much financial aid you’ll be eligible for from the government, your school, or both. What does my FAFSA EFC number mean? hެSmHSQ~��v��һ���(���43C��M!�����+�� ��V?֧n-S3�?�FfmH������C)+�{ )��GA��:�ް��8�y�� �1Z����@$����- Hb%@@(ą^�#R�í�":�i����]Ļޚ����$���Fr��0���Q��=�$'Q�~ȗ��`x0�r�!�ə#��}W{ t9����������.weAa��r���;C������A�R�V=�i��aƱ$�?�2�C�%��"�zRT[��i@_��xT��QQZD�&M�[�N��{t������9�O�>�l�ƚ S�y�a�,w��Ι�IJ����UV�����;sl3J��Ջ�!���|mr*c�d���yQb�S�t��ammK��,�z]ej����/�Z��3�%t��l�+s@!o7ɼ̠���wM� ��߆�V۶O� ]2�#XGGo��JM~�T���b�?~�+>v��t�U��6����ZLN5m. The Expected Family Contribution, or EFC, is an index number used by college financial aid to determine the amount of financial aid you are eligible for. The Expected Family Contribution (EFC) is a number that determines students’ eligibility for certain types of federal student aid. Try Finaid’s Quick EFC Calculator. The Expected Family Contribution (EFC) is a number that determines students’ eligibility for certain types of federal student aid. Essentially, it represents the dollar amount that a family is expected to pay for college within a single year. » MORE: Your guide to financial aid The EFC code number you receive after you complete a FAFSA (Free Application for Financial Aid) is the amount your family is expected to contribute for one year (the school year to which the FAFSA applies). It is the maximum expected contribution, not necessarily what you actually must or will pay. (�Q���Q�b4��*�:D* Either IRA contribution will remove the assets from being assessed for financial aid purposes, but you can only contribute $5,500 (or $6,500 if you are 50 or over) per person per year. %%EOF This is the amount that the government says that you can afford to contribute (for one year, not in total) for your child’s college education.
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