What does EFC 00000 mean on fafsa?
What does EFC 00000 mean on fafsa?
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.
What does EFC of 6000 mean?
Use the EFC during your college selection process, because finances are a bigger deal than you think. In theory, if the FAFSA® reports that your EFC is $6,000, you’d only have to come up with $6,000 to help fund your education.
What is the Fafsa EFC range?
There is no maximum EFC, so it can range from zero to any number. As college costs typically increase each year, the financial aid formula that calculates EFC is adjusted for inflation each year, says Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com.
What does EFC of 42000 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. While your Expected Family Contribution will not impact non-need-based awards (like merit scholarships), the need-based aid you receive won’t exceed your EFC.
What is the EFC number on the FAFSA?
Probably the most important number is your Expected Family Contribution, or EFC. 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. What is the EFC? How do colleges calculate your Expected Family Contribution?
What is the expected financial contribution (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. It is the maximum expected contribution, not necessarily what you actually must or will pay.
What is an e-FAFSA form?
It is the electronic output from the student’s FAFSA. The record is used by schools to prepare the financial aid package for the student. Your Expected Family Contribution (“EFC”) is the “major driving factor” in determining financial aid eligibility and the structure of the financial aid award.
What is an education financing credit (EFC)?
When you complete the Free Application for Federal Student Aid ( FAFSA ), you will receive a Student Aid Report. It summarizes your information and gives you your EFC. The EFC is determined by a formula designed by Congress; it comes up with an estimate of how much you or your family can contribute towards your education expenses.
