Why Is My Fafsa EFC So High?

How do I lower my fafsa 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 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.

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 read my EFC on fafsa?

According to the FAFSA official site, “The Expected Family Contribution (EFC) is a measure of your family’s financial strength, and is calculated according to a formula established by law” The EFC will be expressed as number equivalent to a dollar amount. For example, 12000 is $12,000.

How much aid will I get based on my EFC?

You can’t receive more need-based aid than the amount of your financial need. For instance, if your COA is $16,000 and your EFC is 12000, your financial need is $4,000; so you aren’t eligible for more than $4,000 in need-based aid.

Why is my EFC so high?

If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. In those cases, the government assumes your family can afford all the costs of college.

What does a high EFC mean on fafsa?

The higher the EFC, the more money the government thinks you can pay for college because of your financial strength. A high EFC score means your student will receive less need-based federal financial aid to attend college.

Is 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 is an average EFC?

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 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 an EFC of 20000 mean?

Merit Student With EFC of 20000 This merit student didn’t qualify for any need-based loans or grants.

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.

What does an EFC of 50000 mean?

Here’s how: under the formula, the EFC is for the total family contribution, not per child. Even with an EFC as high as $100,000 (from income of about $200,000), after a 50/50 split the EFC is $50,000 for each child, less than the average cost of many elite schools.

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 to get 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.