An Expected Family Contribution is a dollar figure that represents what financial aid formulas believe a family should be able to pay for one year of a child’s college education. No. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000.

Then, What is the highest EFC number possible?

Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.

Considering this, Why is EFC so high? For most students, a high household income will be the reason for a high EFC. This makes it perhaps the most important factor in the EFC formula. The EFC formula takes into account both parents’ incomes and the student’s income, with higher-income families expected to contribute more to their student’s education.


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What is the average EFC?

An Expected Family Contribution is a dollar figure that represents what financial aid formulas believe a family should be able to pay for one year of a child’s college education. No. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000.

How do I lower my fafsa EFC?

Other Ways to Reduce EFC
  1. Make a Special Conditions request: If you don’t feel the financial information on the FAFSA matches your current realities, ask the school to consider you for a Professional Judgment.
  2. Triple-check your answers for accuracy: Make sure that you fully understand what the form is asking.

How do I lower my EFC?

Increase College Attendance Among Family Members

If you are considered a Dependent student on the FAFSA, the college enrollment status of your family members are important. If others in the family are also enrolled in at least a half-time enrollment status while you are attending college, then this can lower your EFC.

How fafsa EFC is calculated?

The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.

Is EFC a dollar amount?

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.

What is the EFC limits for a Pell Grant?

For 2019-2020, the maximum Pell Grant award is $6,195.

Factors such as the amount of your Expected Family Contribution and enrollment status (full-time vs part-time) will affect how much money you can get. You can learn more about calculating your EFC with our Pell Grant Calculator guide.

What is my EFC number?

Your EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The information you report on your FAFSA form is used to calculate your EFC. The EFC is calculated according to a formula established by law.

How can I maximize my financial aid?

A Data Release Number (DRN) is a four-digit number assigned to your application by Federal Student Aid. The DRN can be provided to a customer service representative to make certain changes to your Free Application for Federal Student Aid (FAFSA) information.

What is EFC and DRN on fafsa?

Verification. If there’s an asterisk next to your EFC, it means your student aid report requires further verification. Data Release Number (DRN) A Data Release Number (DRN) is a four-digit number given to your application by Federal Student Aid.

How much do you have to make to get financial aid?

A wide range of EFCs exists.

Families with adjusted gross incomes (AGI) of $25,000 or less have an automatic EFC of $0. The EFC for the average American household with an AGI of $55,000 will often range from $3,000 to $4,000. These families have significant financial aid needs.

What happens when you run out of financial aid?

If the financial aid you‘ve been awarded is running out, the first thing you should do is call your college’s financial aid office. This is what they‘re there for (well, it’s one of the things, anyway), so put them to work! Your college’s financial aid officers are trained to help you solve this problem.

What is an EFC on fafsa?

The Expected Family Contribution (EFC) is a measure of your family’s financial strength and is calculated according to a formula established by law. 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 is a DRN number?

What does it mean if you have an EFC of 0?

Being a full-need student means that you will get more aid from schools than someone with a higher EFC, but it does not necessarily mean that all of your financial need will be met. There are very few schools that meet full need. This may result in an EFC higher than zero, although it may still be low.

Is fafsa EFC per year or total?

(The EFC is an annual amount.) Families with a combined adjusted gross income of around $150,000 can expect to have an EFC that exceeds $30,000 for the year just from income. This is more than the annual cost of most state schools.

How much money will fafsa give me?

How much financial aid does a FAFSA® applicant usually get? The maximum Federal Pell Grant Award (which is the main grant for college undergraduates through the FAFSA®) for the 2019-20 award year is $6,195. Schools may offer less than the full amount depending on the student’s need or academic load.

Is the EFC number a dollar amount?

The student’s EFC is the minimum amount the student is expected to contribute toward the cost of college. Thus, EFC represents a dollar amount. It is the “output” of the aid forms and calculations.

What is EFC on fafsa chart?

Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. Your EFC is calculated according to a formula established by law and the information from your Free Application for Federal Student Aid (FAFSA).

What is the maximum income to qualify for fafsa?

The maximum award for the 2015-2016 academic year is $5,775. Your eligibility is decided by the FAFSA. Students whose total family income is $50,000 a year or less qualify, but most Pell grant money goes to students with a total family income below $20,000.

How can I maximize my financial aid?

Here are seven tips to give you the best chance of getting the most aid.
  1. Don’t assume you aren’t eligible.
  2. Apply for FAFSA as early as possible.
  3. Apply every year.
  4. Prepare all relevant information.
  5. Transfer student’s assets.
  6. Check for mistakes before submitting.
  7. Appeal your award.

What does the SAR mean on fafsa?

A Data Release Number (DRN) is a four-digit number assigned to your application by Federal Student Aid. The DRN can be provided to a customer service representative to make certain changes to your Free Application for Federal Student Aid (FAFSA) information.

Can I get fafsa if my parents make a lot of money?

MYTH 1: My parents make too much money, so I won’t qualify for any aid. FACT: The reality is there’s no income cut-off to qualify for federal student aid. It doesn’t matter if you have a low or high income, you will still qualify for some type of financial aid, including low-interest student loans.

What is the income limit for fafsa 2020?

Although there are no FAFSA income limits, there is an earnings cap to achieve a zero-dollar EFC. For the 2020-2021 cycle, if you’re a dependent student and your family has a combined income of $26,000 or less, your expected contribution to college costs would automatically be zero.

What is the income limit for fafsa 2020?

8 Strategies for Parents to Maximize College Financial Aid
  1. Roll custodial accounts like UTMA/UTGA accounts into 529s.
  2. Spend down children’s assets for college expenses ahead of parental assets.
  3. Maximize saving in retirement accounts like 401ks and IRAs.
  4. Pay debt to reduce parent assets.
  5. Be skeptical of advice to convert liquid assets into annuity/insurance assets.

Why is my EFC so high independent student?

If you are a considered independent for the purposes of financial aid, then your income is considered. If your EFC is high, it should be because your income is high. If this is the case and you cannot afford to pay your EFC, contact the financial aid office at your school.

Does fafsa check bank accounts?

The FAFSA will specifically ask “As of today what is the cash balance of checking, savings…” accounts for the student. Because the question is phrased “As of today” it leaves room for interpretation. Cash assets sink financial aid eligibility, but are virtually untraceable unless admitted to on the FAFSA.

Can fafsa give you a full ride?

Financial aid is based on the full cost of college, including room and board, not just tuition and fees. But the amount of financial aid is reduced by a measure of your ability to pay, so you are unlikely to get a completely free ride at any college, even if you are very poor.

What does my EFC code mean?

By Kevin Ott College Administration and Financial Aid Specialist. EFC stands for Expected Family Contribution. The EFC code number you receive after you complete a FAFSA (Free Application for Financial Aid) is the amount your family is expected to contribute for one year (the school year to which the FAFSA applies).

What is a DRN?

The FAFSA will specifically ask “As of today what is the cash balance of checking, savings…” accounts for the student. Because the question is phrased “As of today” it leaves room for interpretation. Cash assets sink financial aid eligibility, but are virtually untraceable unless admitted to on the FAFSA.

Why is my EFC so high independent student?

If you are a considered independent for the purposes of financial aid, then your income is considered. If your EFC is high, it should be because your income is high. If this is the case and you cannot afford to pay your EFC, contact the financial aid office at your school.

How do you qualify for federal Pell Grants?

A Data Release Number (DRN) is a four-digit number assigned to your application by Federal Student Aid. The DRN can be provided to a customer service representative to make certain changes to your Free Application for Federal Student Aid (FAFSA) information.