What does an EFC of 7000 mean?
What does an EFC of 7000 mean?
Understanding Your EFC This number is the amount of money that you and your parents can afford to pay towards college. For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000.
What does an EFC of 00000 mean?
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 I read my EFC number?
According to the FAFSA official site, “The Expected Family Contribution (EFC) is a measure of your family’s financial strength, and is calculated according to a formula established by law” The EFC will be expressed as number equivalent to a dollar amount. For example, 12000 is $12,000.
Why does my EFC start with 00?
If the adjusted gross income of the student’s parents is low enough, you automatically get 0. This means both the parent’s and student’s assets are not counted in the EFC calculation, and may lead to a 00000 EFC result. A student will also have a 0 EFC if they are considered independent from their parents.
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. Insights into how colleges determine how to award you aid.
Is EFC a 6 digit number?
The EFC is a mysterious six-digit number, that may include leading zeros. It is a dollar amount that represents a measure of the family’s financial strength. Meaning, the federal government believes that the family can afford to contribute that amount of money toward college costs.
What percent of income should EFC be?
Under the EFC formula, up to 47% of the parents’ adjusted gross income is considered available for college funding. Although the maximum percentage is 47% it is typically between 20% to 25% that is considered to be available for college funding.
What does your EFC number mean if it is not 00000?
What does your EFC number mean if it is not 00000? [ Strategy Alert ]: As referenced above, your EFC number is subtracted from the total cost of attendance of each school to arrive at a financial need number. However most schools do not meet 100% of your financial need number when they provide you with a financial aid award.
Is there a financial aid calculator for NYU in New York?
These tools are intended for full-time, first-year degree seeking undergraduate applicants to NYU in New York. Recommended: This calculator is designed to take into account your family’s income and other financial resources for the most accurate estimation of your need-based financial aid eligibility.
What could affect my NYU financial aid package?
It could affect your NYU financial aid package. Respond immediately to requests from the Office of Financial Aid to avoid cancellation of your package. Tell the Office of Financial Aid if you reduce your credits or intend to become a part-time student (less than 12 credits). This could affect your financial aid package.
How can NYU help you pay for your education?
To pay for their education, most students and families combine funding types such as scholarships, grants, loans, and savings. NYU’s Office of Financial Aid can help you coordinate these various options. We encourage you — no matter your financial situation — to apply for financial aid as soon as possible.
