If you are eligible, the EFC will determine exactly how much financial aid you can get. The EFC is used to determine your eligibility for federal student aid. There is a specific formula used to determine your eligibility. Your EFC score can improve, increasing your eligibility for financial aid. Ways to improve your EFC score include paying off large debts and delaying big ticket purchases, such as buying a car, until after you have completed the FAFSA application process.
If the EFC is not there, it means that your application is not complete. One way to check the status of your FAFSA application is to visit the financial aid office at your school. If there are funds that have been disbursed directly to your school, you may check the status of the disbursement directly at your financial aid office. Perhaps the most important number to understand is your Expected Family Contribution.
That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point. From this starting point, financial aid and grant providers normally, the federal government, state government, and your college will calculate what kind of aid you should receive.
For a full run-down of student aid, check out our comprehensive guide. It will take into account factors like your household income and the number of family members including current college students!
It will not take into account consumer debt, such as credit card balances and auto loans. Therefore, having credit card debt, mortgage debt, or the like will not increase chances of a more favorable EFC number.
If you are unsure about how to answer certain FAFSA questions, check out our tips to approach tricky questions. The federal government then takes your answers, and calculates your EFC according to a complicated EFC formula see this worksheet to calculate yours. Therefore, your EFC could change from year to year. This is especially true in cases where the person in charge of income falls ill suddenly or becomes unemployed.
If you do qualify, the system will exclude household assets from the calculation of your EFC number. This generally means your household will be seen to have fewer financial resources, so your EFC will be lower, and your eligible aid package will be higher. Each school considers your EFC to calculate how much federal student aid you are eligible for. This is often much less than the published price. Take advantage of the Net Price or True Cost Calculator on the websites of the colleges that interest you.
These will help you estimate the financial aid and scholarships available to you. Male student with backpack walking across college campus. Students Listening in Class. Group of Students sitting in desks in a classroom.
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