What is a good EFC fafsa score?
The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
What does EFC of $10000 mean?
Most schools do not meet 100% of financial need for all of their students. If your EFC is $10,000, your financial aid package may still require you to pay $12,000, $15,000 or $20,000, depending on the tuition and expenses each college charges. Insights into how colleges determine how to award you aid.
What does EFC of $20000 mean?
If you have an EFC of $20,000, the college meets 70% of financial need, this leaves you with 30% of unmet need (Example, total cost $40,000 less EFC equals financial need of $20,000 times 30% unmet need $6,000.
Is the EFC for 4 years?
Colleges use a student’s EFC to determine a family’s financial need. That need is calculated by subtracting the EFC from an institution’s cost of attendance for one year, which includes the college’s tuition. There is no maximum EFC, so it can range from zero to any number.
What does an EFC of 30000 mean?
EFC Determines Your Financial Need So if the total COA (Tuition & fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family’s EFC from the FAFSA was $30,000, they would have $20,000 of financial need.
What does an EFC of 28000 mean?
So, if a school’s COA is $42,000 and the student’s EFC is $28,000, the calculated financial need is $14,000. To estimate how much you’ll really pay at a given college, crunch your numbers in the school’s net price calculator. (By law, colleges and universities are required to post these calculators to their websites.)
What does an EFC of $50000 mean?
Here’s how: under the formula, the EFC is for the total family contribution, not per child. Even with an EFC as high as $100,000 (from income of about $200,000), after a 50/50 split the EFC is $50,000 for each child, less than the average cost of many elite schools.
What does an EFC of 8000 mean?
Expected Family Contribution
Everything about FAFSA boils down to three letters, EFC, which stands for Expected Family Contribution. For example, if your EFC is $8,000, and the college costs $15,000 to attend, you may be eligible for $7,000 worth of aid.