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EFC Formula Guide - IFAP - U S Department of Education - ifap ed

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The document outlines the Expected Family Contribution (EFC) formula for the 2010-2011 academic year, detailing how families' contributions towards college costs are calculated based on financial data submitted through the Free Application for Federal Student Aid (FAFSA). It explains the types of federal financial aid available, the methodology for determining EFC, and provides worksheets and tables to assist in calculating EFC for dependent and independent students. Additionally, it specifies criteria for automatic zero EFC calculations and highlights changes made to the FAFSA process.

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What does an EFC of 20,000 mean?

If you have an EFC of $20,000, the college meets 70% of financial need, this leaves you with 30% of unmet need (Example, total cost $40,000 less EFC equals financial need of $20,000 times 30% unmet need $6,000. So your theoretical out of pocket costs would be your EFC $20,000 plus unmet need of $6,000 equals $26,000.

How do I read my FAFSA EFC number?

1:11 2:12 If youre brought back to the login. Screen continue as a student one more time. And this may take aMoreIf youre brought back to the login. Screen continue as a student one more time. And this may take a few seconds while the system brings you in once you are in the application landing page be sure

What is the EFC formula?

Its the amount youre expected to pay to cover your college costs, including tuition, books, supplies, accommodation, transport, and other study expenses. This dollar figure represents a measurement of your familys financial strength.

What is a good EFC number for financial aid?

The average EFC among Federal Pell Grant recipients is about $700. Eligibility for other types of financial aid depends on financial need, which is the difference between the colleges cost of attendance and the EFC. Financial need increases with decreases in the EFC and increases in the cost of attendance.

What is the EFC calculator?

An Expected Family Contribution (EFC) of $50,000 means that the family is expected to contribute $50,000 toward the students education expenses for the academic year.

How do I interpret my FAFSA EFC number?

When you use the expected family contribution (EFC) calculator, we collect personally identifiable information to determine if youre dependent or independent, including an estimate of how much the students family will be expected to contribute for the year and insight into the students financial aid eligibility.

Why is my EFC so high with low income?

If you/your family has a low income but a lot of assets, your EFC may be higher than you expected. If this does not seem to be the case, however, consider filing a financial aid appeal to have your EFC recalculated.

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