What does your fafsa EFC number mean?
Expected Family Contribution
Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your Free Application for Federal Student Aid (FAFSA®) form. It’s reported to you on your Student Aid Report (SAR).
How do I calculate my expected family contribution?
You can find your EFC on the first page of your Student Aid Report. Note: 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.
What does it mean to have a EFC of 00000?
What is Expected Family Contribution EFC 00000. If your financial aid report shows an expected family contribution of 00000, this means $0 or zero dollars you are expected to pay for college, which is great! You will be eligible for a lot of federal financial aid for college, but not all of it will be free.
How do you calculate expected family contribution?
The expected family contribution is used in the FAFSA system. It is calculated by taking the tuition and subtracting the federal financial aid for which the student is eligible.
What factors determine your expected family contribution?
Your Expected Family Contribution (EFC) is a number that is created by the Department of Education after you submit a Free Application for Federal Student Aid (FAFSA). They take the information from your FAFSA and use a formula that includes various factors like income, assets, family size, where you live, and the number of children in college.
What happens if your EFC is 0?
Although the federal government has determined that if your expected family contribution (EFC) is 0, there isn’t any requirement that the government or the college provide you with the money to pay for the total cost of your education. With an EFC of 0, you can be sure of receiving the maximum allowed Pell Grant for the year ($6345 for 2021) as well as qualifying for the maximum government subsidized loan. However, there are three issues you need to be aware of when your EFC=0.
What goes into the Expected Family Contribution (EFC)?
Expected family contribution consists of your parents’ contribution from their income and certain assets plus your student contribution from your income and certain assets. EFC is adjusted by allowances for federal income taxes and state taxes your family pays and a portion of income that your family is not expected to contribute.