How Do You Read A EFC Number?

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 is the average EFC score?

The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university.

What is the highest EFC score?

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 do I find my SAR EFC?

If your application is complete, an Expected Family Contribution (EFC) will display in the upper right-hand corner of your SAR.

Can fafsa see your bank account?

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

Why does my EFC start with a 0?

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.

Is the EFC a dollar amount?

Your EFC is a number used by your school to calculate how much financial aid you are eligible to receive. It is an index number — not a dollar amount of money your family will have to pay for college. The EFC is calculated according to a formula established by law.

What do I do with my EFC number?

Your EFC is the amount of money that a college estimates that your family can afford. This is calculated as part of your financial aid application process through the FAFSA, CSS Profile, or other financial aid forms. You can think about your EFC as the baseline for your financial aid package.

Why is my EFC so high?

If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. … Parents that withdraw from their 401k to pay for a student’s education are in fact increasing their EFC, because that withdrawal is counted as untaxed income on the FAFSA.

How do I reduce my EFC?

Legal Ways to Reduce Your Expected Family ContributionMaximize Household Size. The larger your household size is, the lower your EFC will be (in most cases). … Increase College Attendance Among Family Members. … Wait Until the FAFSA Considers You Independent.

What do I do if my EFC is too high?

Your EFC might be high enough to disqualify you from need-based aid, like grants, but you might still be able to get federal work-study or get federal student and parent loans. In order to access federal student loans and other types of financial aid, you still need to fill out the FAFSA.

What is the lowest EFC for financial aid?

$0The lowest possible EFC is $0. An EFC of zero means that the financial aid formula has determined that the family cannot afford to pay anything towards college. Families with adjusted gross incomes (AGI) of $25,000 or less have an automatic EFC of $0.

What is a good EFC number?

Get a Job. An EFC number under 5273 often qualifies you for a work study job. While most of these jobs are catered to students, giving them flexible hours and time to study, their pay is often low and any money earned is directly applied toward tuition and fees.

What does your EFC number mean?

Expected Family ContributionYour Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. … Note: Your EFC isn’t the amount of money your family will have to pay for college and it isn’t the amount of federal student aid you’ll receive.