Why is my EFC so high this year?

Why is my EFC so high this year?

If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. This includes checking and savings accounts, bonds and stocks, and even the student’s 529 College Savings Plan. Some kinds of financial assets do not count toward your EFC.

What does an EFC of $14000 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.

How much EFC is too much?

There is no upper limit on the EFC. Some very wealthy families will have EFCs that exceed the cost of an expensive private university. Here is an example of an EFC that a higher-income couple with two children (only one in college) could generate.

What is a good EFC score?

Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all. The numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you’ll have to help pay for tuition and fees.

Is a high EFC good or bad?

When it’s put on paper, your EFC is a simple dollar figure. A low EFC means you may be eligible for a larger financial aid package, while a high EFC means you may have to rely on unsubsidized loans to cover any costs your family can’t afford.

How much financial aid will I get if my EFC is 0?

With an EFC of 0, you can be sure of receiving the maximum allowed Pell Grant for the year ($6345 for 2021) as well as qualifying for the maximum government subsidized loan.

How low does your EFC have to be to get a Pell Grant?

If your EFC is at or below $5,711 for the 2020-21 academic year, you will be eligible to receive the Pell Grant. Each family’s financial situation is different, and there’s no one income cutoff that makes a student eligible or ineligible to receive the Pell.

Do I get to keep extra Pell Grant money?

If you have money left over from your Pell Grant, you can ask the school to hold the funds for you, or you can receive the remaining amount as a refund. Schools can disburse Pell Grant money 10 days before the first day of classes, as long as you are enrolled for that academic period.