Some have turned to drastic measures. A 0 EFC means that you will be eligible for the maximum financial aid on the federal level- however there are maximum amounts on things like pell grants. If there is a message that says your FAFSA was rejected & your EFC could not be calculated, YOU MUST FIX THE PROBLEM IMMEDIATELY! My fafsa for this current school year was for 0 income and 0 efc… Filling out the FAFSA® can be a tedious process, made more so by the calculation of your EFC. Since the vast majority of colleges use only the FAFSA to determine your EFC, our discussion here refers only to the FAFSA-generated EFC.) 5 Essential Facts All Families Should Know About the FAFSA-Generated EFC 1. There i no other income we made in 2020. So, if you still need money to help pay for school, filling out the FAFSA is important. Close. The purpose of it is to determine whether assets will be counted or excluded in the Estimated Family Contribution (EFC) Calculation. Since your number is above that you are not eligible for a pell grant, but may be eligible for loans. This was established in 2015 for the 2016-17 FAFSA submission year. Filling out the FAFSA® is not a one-time deal. I am concerned about financial aid. Realize as well that loans are considered aid. But no matter where you are in the FAFSA filing process, I’ll give you a few ideas to lower your EFC and to increase your needs-based aid for college. My son is a high school senior and got a acceptance letter from ECU today. Secondly, as the counselor explained to me, the schools already identified to receive the FAFSA information would be getting the corrected-and-updated Student Aid Report (SAR) and Estimated Family Contribution number (EFC) automatically within 24 to 48 hours, and they would, therefore, be figuring or in some cases, refiguring my student’s financial aid packages. Verification is when you are … The EFC reduces the Cost of Attendance (COA) in determining the amount of financial need the family has: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need. The FAFSA is used to help law schools even the playing field and is a form that helps financial aid administrators determine a student’s eligibility for grants, federal work study, and federal student loans. If you're a starting freshman, you can only get $5,500 per year (2,750 per semester) in student loans, which is far below the $21K you say you need. Luckily, you can edit information on your FAFSA® form, even after it has been submitted. They helped me fill out the FAFSA last year, and we ended up with an expected family contribution of $40k, which they won't be able to do. What FAFSA EFC Numbers Mean. Keep EFC Sticker Shock From Derailing Your Plans. But, let’s break this down. While going through the FAFSA Ⓡ, you will notice that there is nowhere to include the value of your existing consumer debt. Note that some or all of these concepts may not be appropriate for everybody, so please consult a qualified college financial planning expert before proceeding. We got the EFC score and it is 07589. Click to share on Reddit (Opens in new window) ... FEDERAL STUDENT AID (FSA), AN OFFICE OF THE U.S. DEPARTMENT OF EDUCATION, MAKES THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA®) FORM AND ASSISTANCE AVAILABLE TO THE PUBLIC FOR FREE AT FAFSA.GOV. These grant amounts are not usually too high but it is something to consider. EFC. Close. Students can file the FAFSA® each year they are enrolled in college or graduate school. This name change does not actually simplify anything. Archived. Posted by 1 year ago. Your EFC will be displayed in the upper right-hand corner of the Student Aid Report (SAR). Check your FAFSA again and try to find any mistakes. Because state taxes can contribute greatly to the cost of living, … Efc stands for expected family contribution of $5,966. FAFSA expected family contribution basically assumes your parents will only pay for basic cost of living for themselves and your college education. I'm a 42 year old returning student. This means … The FAFSA for the 2021-22 academic year opened on Oct. 1, 2020. Most families are stunned when they see their EFC for the first time because they feel it’s much too … One of the best ways to avoid sticker shock is to estimate your family’s EFC before senior year. Posted by 3 years ago. If You Want to Potentially Avoid the Verification Process. Calculating Your EFC . That'll teach me to text and cook. Use these tables as a simplifying guide only. hide. The primary federal need-based grant is called the Pell Grant. The biggest factor affecting your EFC is your $38,000 income and the fact that you apparently don't have to support dependents with that income. The FAFSA does use income and net worth to help determine how much financial aid you are eligible to receive, but there is much more to it than that. 1. So a 6,000 EFC at one school might get you more need based aid than at another school. Financial Aid and Scholarships* Cost of College* paying for college financial aid FAFSA Student Loans* grants and scholarships Saving for College* federal student loans college tuition 529 plan cost of attendance expected family contribution Salary and Career* college financial planning financial aid award private student loans taxes college savings plan room and board on … I have my dad listed on FAFSA as my guardian and I understand that I would put 2 as the number of his children other than myself that live with us. I am kinda confused about my EFC number it is 010108 is that good or bad? Hello, I am a high school senior and I applied for FAFSA within the first 2 weeks of it being opened. For 2021-2022, that number was $27,000 or below on your 2019 income tax return. 529 Savings Plans are great resources to help cover school costs, but many schools are starting to adjust aid awards when finding out that families have these types of accounts. Some of the factors included in the EFC formula are: Household size; Number of kids in college; Student income and assets; Parent income and assets; Age of the oldest parent; The Department of Education offers an EFC … Edit: available! There are a couple of different reasons a FAFSA EFC would be zero. The Expected Family Contribution, or FAFSA EFC, is one of the most important indicators of whether or not you’ll receive financial aid. My issue is with my step siblings. What is the Selective Service, and do I have to register? This number results from the financial information you provide in your Free Application for Federal Student Aid (FAFSA®) form. All men in the U.S. are required to … It said in the email that the loan estimate was $7,500 and that EFC=005860 is that a good number? I submitted this everywhere because I thought I had no choice . State and college … All questions on the Free Application for Federal Student Aid (FAFSA) can generally be answered in an hour or so, but some of the questions may be a bit confusing. Looks like you're using new Reddit on an old browser. The subreddit for discussion related to college. The government will NOT give you $60k a year, if that's what you need, to go to college. Only grants are “free money”; you have to pay back loans, and you have to work to earn work-study. What should I remember about the FAFSA? First, let’s review how your Expected Family Contribution (EFC) is calculated. The result is your funding gap (net-out-of-pocket costs) for each college. After you submit your application, you’ll receive a Student Aid Report (SAR) that gives you basic information about your eligibility for federal student aid and also indicates your Expected Family Contribution (EFC).. EFC is the most important number on the form. Sadly, my dad's EFC was 30k or something like that. Any family wishing to be considered for need-based financial aid must fill out and submit the FAFSA each year. There is the chance that your Expected Family Contribution (EFC) could be inflated and reduce the amount of aid you receive due to issues with the tool that makes it see your IRA as income. If a school costs $25,000 a year and your EFC is $10,000 your aid could be $15,000 of loans. 1 comment. I’m kinda concerned about it x.x. This thread is archived. Thanks for your answers! The federal government calculates your EFC using the data provided on FAFSA (like how many … The EFC is just a guideline. Team; Press; Blog; Reviews; Careers; FAQ; … Changes You Can Make. 2. A 0 EFC DOES NOT mean your college will be entirely paid for and "You will get some extra money". share. About FRANK. EFC is Expected Family Contribution. If your income is below $49,999, your family qualifies for a simplified needs test. So for example, if you attend a community college, than your EFC may actually be how much you contribute (either through your own money or a loan). The goal of the Prior Prior method was to simplify the FAFSA submission. My mom’s income from her 1090G is about $20,000. Check Your Status In Person. The EFC is directly tied to the Pell Grant so you should be able to know right away if you're eligible for that. New comments cannot be posted and votes cannot be cast . So I would not call your number necessarily good. COMPLETING THE FAFSA® FORM Your Expected Family Contribution (EFC) is used to determine your eligibility for federal student financial aid. From this information, the FAFSA estimates your Expected Family Contribution (EFC), … I do not know your financial situation but it will probably be expected for your family to contribute to your education costs + you taking out loans and/or working to make up the difference. So likely your EFC will help you receive need based aid, but it won't be a good estimate of how much you'll actually pay. TLDR: Called the "expected family contribution" but is actually just used for determining need based aid at different universities. You're just above the max EFC to be Pell eligible. When they finally fixed the problems many months later, they missed out on aid they could have had. Assets do count, but it's less than you might think since the formula does include an asset protection allowance. 1. The lower the number the better. EFC stands for "Expected Family Contribution" It's not generally how much families contribute, it's just the output from entering in your parent's and your own income and assets. Currently, according to this EFC formula sheet, the allowance ranges from $1,100 to $31,900 for parents, based on age and marital status. The video above explains in more detail what your EFC means. Sort by. This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA ®). Continue this thread level 2. When determining your EFC, the government uses the information provided on your Free Application for Federal Student Aid (FAFSA). FAFSA forms must be submitted before July 1, 2022 to be eligible. There are a couple of different reasons a FAFSA EFC would be zero. For an example of a student coming from a family with a household income of about $100,000, here’s how different levels of family financial assets change her EFC: A dollar of assets counts less in the EFC formula than a dollar of income does. The tables below use the 2019-2020 EFC formula for dependent students living in a two-parent household. We have completed the application for financial aid with FAFSA. How is your EFC determined? EFC from the FAFSA represents the absolute minimum amount the government thinks the family can pay for college. Your EFC is automatically calculated based on the income and other information you enter on the FAFSA. In a nutshell, the EFC is a kind of rating system that determines what kind of financial aid you can receive. It’s generated by factors like age of oldest parent, how many kids you have in college, family size, parent income and assets, and student income and assets. What Does the Financial Aid Office Do With Your EFC Number? Completing the Free Application for Federal Student Aid (FAFSA) is an essential first step in preparing for college and paying for your education. I just filed for my 2018-2019 fafsa application as well and got a similar type of code. save. The FAFSA takes many factors into account, including your income and your family's income, family size, and how many siblings you have in college. That said, the only way to get their student’s actual EFC is to fill out the FAFSA (which we strongly recommend doing). I would consider it more like an index number to determine where you fall on the spectrum of financial need. It should never be defined as "what you will have to pay for college" because in reality, that is far from what it will cost. level 2. The maximum Pell Grant is $6,095 for the 2018–19 award year (July 1, … It seems that $81,000 is a little high for your financial situation. This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. They use your EFC number to calculate the student’s “financial need”. Obviously grants are better since its "free money" you do not have to pay back.   There is the chance that your Expected Family Contribution (EFC) could be inflated and reduce the amount of aid you receive due to issues with the tool that makes it see your IRA as income. Low EFC's make you eligible for extra grants aimed at students with low EFC's. This is the starting point but various circumstances dictate the actual financial aid award. The maximum EFC amount to get a pell grant as of this year is 5328. FAFSA’s need-based funding, like grants and scholarships, is awarded on a first-come, first-served basis. Is there a score chart somewhere showing how much financial aid my husband and I are responsible for? Once you reach the maximum federal aid it is up to the school for them to give as much financial aid as they can. The 2020-21 FAFSA, for example, uses tax information from 2018, while the 2021-22 FAFSA uses tax information from 2019. Help I’m applying for fafsa and I’m clueless. Just going to clarify some things because information given in this thread is wrong. What can I do if I'm starting college in a couple months? I am worried that my $18,000 will affect my EFC and leave me in eligible for maximum state grant. The pandemic relief legislation simplifies the Free Application for Federal Student Aid (FAFSA) getty Name Change. The EFC represents the amount of money the government feels the student and family can afford to contribute toward his or her college education. Otherwise your financial need can change depending on the university you're attending. I highly suggest you speak with the financial aid office soon to go over your remaining options to cover that $21K balance. The FAFSA process uses a process called Prior Prior. Other. Basically, an EFC is a number arrived at through combing through the financial information provided on a FAFSA form, including income, tax brackets, and so on. EFC stands for "Expected Family Contribution" It's not generally how much families contribute, it's just the output from entering in your parent's and your own income and assets. Original Poster 3 years ago:D apparently so. The … The FAFSA becomes available on October 1st each year. Hi all, I am new here to this forum. 1.1k. Once you have submitted your FAFSA application, it is important to regularly check the status. Using the DRT increases the chance that you will need to go through the FAFSA® verification process. With federal aid and grants, you can enjoy low-interest rates, long payment periods, … The EFC is what colleges use to determine what they will offer you, although some may offer more or some may offer less to cover tuition costs. You can go back later to make adjustments if needed. I applied for fafsa and I really need some financial help since even with scholarships I need to pay 21k for the semester. A 5860 EFC IS NOT low or a good number, I don't know why these other people are being upvoted for spreading misinformation. So when you complete the FAFSA form and learn yours, you’re likely to want to know: What is a good EFC number? This means both the parent’s and student’s … Archived. With that EFC you won't get a Pell Grant. The Free Application for Federal Student Aid, or FAFSA, is an application that families or individuals complete to apply for federal grants, loans or work-study funds for college tuition and fees. Other. 3 years ago. The Simplified Needs Test (SNT) is question 34 on the Free Application for Federal Student Aid (FAFSA) form. What would happen if I did not file my taxes this year ( but next year) in order to only claim the $20,000 my mom made for the 2022-2023 FAFSA? On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, another relief package in response to the pandemic. … Understand that FAFSA determines this EFC as a benchmark to determine the eligibility for federal financial aid. Report Save. Press question mark to learn the rest of the keyboard shortcuts. This number, once obtained, is subtracted from a student’s individual total cost of attendance at a four-year institution. Will I not get any aid? EFC from the FAFSA represents the absolute minimum amount the government thinks the family can pay for college. If You Want to Potentially Avoid the Verification Process. The EFC reduces the Cost of Attendance (COA) in determining the amount of financial need the family has: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need So if the total COA (Tuition & fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family’s EFC from the FAFSA was $30,000, they would ha…