How Can I Lower My EFC Number?

Why is my 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..

What is the highest EFC number possible?

999,999Generally speaking, the lower the EFC, the higher the financial aid award will be. Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.

How much EFC is too much?

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 is the max EFC to receive a Pell Grant?

5711The maximum expected family contribution (EFC) eligible for a Pell Grant for the 2020–21 Award Year is 5711 as compared to 5576 for the 2019–20 Award Year.

What does my EFC code mean?

Expected Family ContributionBy 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 my EFC?

Your Expected Family Contribution (EFC) is used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your Free Application for Federal Student Aid (FAFSA®) form. Your EFC is reported to you on your Student Aid Report.

How do I lower my fafsa EFC?

Maximize Household Size The larger your household size is, the lower your EFC will be (in most cases). The Free Application for Federal Student Aid (FAFSA) considers someone a part of a household if they live at home and if the parent or parents provide more than 50 percent of the dependent’s support.

What does an EFC of 5000 mean?

Say your EFC is 5,000. That means your family is expected to contribute 5,000 to your yearly college costs. Every school is going to have a different cost of attendance (COA) depending on how much you’ll spend on tuition, books, housing, and other factors.

What do I do if my EFC is too high?

What If My Family Can’t Meet Our EFC?What is EFC?Discuss Your Options With Your Parents.Understand How Your EFC Was Derived.Appeal your Financial Aid Award.Apply For Scholarships and Grants.Work Part-Time or Freelance.Take A Year Off.Consider Private Student Loans.

What is a normal EFC number?

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.

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.

How do I find my EFC?

The EFC number will be located on the top-right of the Student Aid Report (SAR) you receive, either electronically or physically, a few weeks after filing your FAFSA. This same SAR is sent to every school you list as a recipient on your FAFSA.