The EFC is the number that results from filling out your FAFSA. Your school will send you an award letter detailing which awards you received and how much and you will have an opportunity to accept or decline each individual award. Does this mean my family is expected to pay 2024.00? There are two additional conditions of which one has to be met for the simplified needs test(in addition to the income qualification). The EFC is a mysterious six-digit number, that may include leading zeros. It is important to determine if there are any early deadlines for the CSS Profile. No interest rate is charged while the student is in school at least half-time. If the Costco price ends in 88 or 00, it is a manager markdown. Learn about what financial need  met  means and how your EFC number integrates into a percentage formula. The EFC will then determine how much financial aid you are eligible for. They joined our  Coaching Program where we prepared their appeal. However, this does not mean that you will automatically be given a full ride. Most schools are but some are not so you need to check this out. What Does My EFC Number Mean? This may include social security or unemployment benefits. Your EFC is a "Code" the faculty makes use of to make certain what varieties and how a lot assist you receives. Each year in college you will be required to submit your Financial Aid Application (some privates also require CSS Profile). All Rights Reserved. its like 9500 if your under 24 Find Out Which Colleges are Generous, Click Above, If you have questions please fee free to contact me. An EFC of 0000 would qualify for up to the 2019-2020 academic year maximum of $6,195. First, anyone considered in the parent “household size”who received designated means tested federal benefits OR the parent was eligible to file IRS Forms 1040A and/or 1040EZ. It is the maximum expected contribution, not necessarily what you actually must or will pay. EFC Families 00000 Eligible for Federal Aid Programs, Financial Aid Award EFC 00000 Family Flagship State School, Your School Must Be Title IV Eligible to Receive Pell Grants, You Will Be Offered Stafford Loans – You Don’t Have to Accept, Apply As Early Each Year As You Can Before Priority Aid Deadline, State Funded | Institutional Funded Financial Aid. An EFC that is under 5,000 means that you will receive a Pell grant. Colleges take the information from the FAFSA to calculate your EFC … You may also be eligible for funds directly from your school. EFC is the measure of a family's financial strength generated by the information provided on the FAFSA, the U.S. Department of Education form used to distribute federal financial aid. You will see these programs in the financial aid award example below. What does my EFC mean? The EFC is the number that determines your eligibility for grants. Loans that have a favorable interest of 5% when compared to other alternatives. What your parents are planning to pay doesn't matter in the slightest in the EFC measurement. How Student Loans Affect Your Federal Income Taxes This Year, See the best 529 plans, personalized for you. Your EFC is just a code used to determine your eligibility for different types of federal aid. Stafford Loan eligibility differs from Pell Grant as you only have to be enrolled or plan to be enrolled half-time. Informed Choices Will Eliminate Costly Mistakes ! But for families with a high level of wealth, this … It does not mean, however, that you can go to any college you want and pay that. Secondly, if your income is $49,999 or  less you qualify for the “simplified needs test” which means both the parent’s and student’s assets are not counted in the EFC calculation. Regardless of you EFC number you can only project the amount of financial aid you will receive based upon the historical giving pattern of the respective school. These applicants are eligible to receive “needs based financial aid” and can qualify for certain favorable federal educational assistance programs. Your EFC is an index score and will be used to determine your level of financial need. But at the same time the school may choose to provide a very low percentage of financial need. Expected Family Contribution Number (“EFC”) Your EFC Number is located in the upper right hand corner underneath the SAR produced date standing for your Expected Family Contribution. The EFC is comprised of you and your family’s taxable income, assets and any other benefits anyone receives. An EFC number is the "expected family contribution", or the amount a family is expected to pay for their student's college education. It is low enough for you to receive a pell grant and possibly some other need-based aid. For CSS Profile make sure you file before the schools Priority Aid Deadline date which is the day the college starts building financial aid packages. its an index number that the government uses to tell how much you can pay ahead of time to go to college. Important, this does not mean you pay nothing for college, read further to understand why. The EFC is subtracted from the college’s cost of attendance to calculate financial need and determine the amount of need-based financial aid available to the student. Schools process incoming freshman packages first then move on to upper returning students. Choose a school that costs 2,000 a year and that is what you will pay, choose a school that costs 50,000 a year, and that is what you will pay.... all with an EFC of 8060.