Is an EFC of 4000 good?
So, a lower EFC is more beneficial. For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.
What is a good EFC number for FAFSA?
The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
Why is my EFC so high with low income?
If your family has accumulated wealth and investments, your EFC can be high, even if your family's income is low. This includes checking and savings accounts, bonds and stocks, and even the student's 529 College Savings Plan. Some kinds of financial assets do not count toward your EFC.
What does the 6 digit EFC number mean?
Your EFC number is a six-digit number leading off with zeros, representing how much you and your family are eligible for federal student aid. Now that you have an idea of what is expected family contribution, you can check out an example here.
How do I change my EFC on FAFSA?
Make changes at fafsa.gov: Select the "Log In” button and enter your FSA ID. On the “My FAFSA” page, select “Make Corrections.” Create a save key. Change your information. Submit your new information.
How do I cut my EFC?
Six Strategies to Lower Your EFC Contribute to a Roth IRA in Your Name. ... Shift Funds and Minimize Cash. ... Make the Most of a 529. ... Lower the Amount of Money in Your Child's Name. ... Reduce Income. ... Plan out Your Lifestyle Changes.
What is the highest EFC number possible?
What Does My EFC Number Mean? The EFC is a mysterious six-digit number that may include leading zeros. Technically speaking, this figure can be anything from zero upwards, as there is no maximum EFC.
What is the lowest EFC for financial aid?
Zero is the lowest EFC number with 99,999 as 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 is a normal EFC number?
The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
What is a good EFC score?
The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
