What does an EFC of 18000 mean?

For example, if the college’s cost of attendance is $40,000 and your family’s EFC is $22,000, then your financial need is $18,000 ($40,000 – $22,000). Some colleges are able to cover your full financial need.

What does an 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.

What does EFC of 00000 mean?

In some cases, the EFC may be 00000 or 0. This number isn’t a mistake. It just means that the government determined you qualify for all types of need-based financial aid.

What does an EFC of $14 000 mean?

Amount of Financial Need = (Cost of Attendance) – (Expected Family Contribution) So, if a school’s COA is $42,000 and the student’s EFC is $28,000, the calculated financial need is $14,000.

What does EFC of 16000 mean?

Whatever is left over is considered your “need.” You can’t receive more need-based aid than the amount of your calculated financial need. So, if your COA is $28,000 and your EFC is $16,000, your financial need is $12,000. Therefore, you aren’t eligible for more than $12,000 in need-based aid.

How is the EFC calculated on the FAFSA?

All the data the Central Processing System (CPS) uses to calculate the EFC come from the information students provide on the FAFSA form. The EFC formula uses many variables, including income, assets, the number of persons in the household, and the number of those attending college for the award year.

What is my Expected Family Contribution (EFC)?

What is my Expected Family Contribution (EFC)? 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.

What is an EFC number?

Clarification: EFC Code/s can refer to your family’s number or SAR codes link above. A good EFC number? The lower the number the better for financial aid qualification. Colleges use your EFC Code to calculate your financial aid eligibility.

What is the EFC for AAFA school?

A school must use an EFC of 0 to package all federal student aid if the student meeting the above criteria has a Pell-eligible EFC. For students who are eligible for the Children of Fallen Heroes benefits, schools must set the eligibility flag 402 in FAA Access for the student.