What does an EFC of 12000 mean?

What does an EFC of 12000 mean?

For example, 12000 is $12,000. This means that the federal government (and colleges) expect your family to be able to reasonably contribute $12,000 per year towards your college expenses. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point.

What is considered a high EFC?

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 an EFC of 10000 good?

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.

What does an EFC of 5000 mean?

Ultimately, your EFC helps the federal government and your school decide how much need-based federal aid you can receive. Your need-based aid allotment can’t exceed your cost of attendance. If your COA is $10,000, for example, and your EFC is $5,000, you can’t receive more than $5,000 in need-based aid.

What does EFC of zero mean?

Zero is the lowest EFC number; 99,999 is the highest. If a dependent students’ family’s income is less than $24,000 and government assistance was needed for that filing year, the EFC will automatically be zero. A zero means a family has no ability to contribute to the student’s education.

What is the average EFC?

about $10,000

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.

What EFC qualifies for financial aid?

Families should also keep in mind that those with an EFC of 5576 or lower are eligible for Pell Grants for the 2019-2020 award year, according to the Department of Education. The Pell Grant helps students from low-income households pay for college and is the largest federal grant program available to undergraduates….

What is EFC on fafsa chart?

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 much money can you make before it affects your financial aid?

Independent students, who don’t provide parent information on the FAFSA, can earn more before affecting their financial aid — $10,360 for single students and up to $16,620 for married students.

What do I do if my parents won’t pay for college?

How to Pay for College Without Your Parents Financial Help

1. Ask Your Parents Early.
2. Consider Community or In-State College.
3. Apply for All Eligible Scholarships.
4. Join the Military.
5. Work Before and During College.
6. Take Out Student Loans.

Can I get a Pell Grant if I live with my parents?

If so, then for federal student aid purposes, you’re considered to be a dependent student, and you must provide information about your parents on the FAFSA form. Not living with parents or not being claimed by them on tax forms does not make you an independent student for purposes of applying for federal student aid.

Why did I not qualify for Pell Grant?

Don’t panic if you don’t have a Pell Grant—You still have options. The U.S. government set up the Pell Grant program to help students from lower-income families attend college, but many students find that they don’t qualify. This usually happens because their parents make above a set amount each year.