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Your financial aid package is likely to include funds from the federal student aid programs but may also include funds from state and institutional aid programs. Note that not all colleges participate in all federal student aid programs.
There could be several reasons why your EFC is high with a low income. If your family has a high number of investments or other assets, this could skew your EFC. It is also possible that you made a mistake on the application.
The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.
In general, you should receive a more substantial financial aid package with a low EFC, whereas a high EFC means you might need to resort to unsubsidized or private student loans to cover costs your family cant afford.
Reduce family income If possible, defer any workplace bonuses or avoid exercising stock options. If you have an investment thats losing money, consider selling it. The capital loss will factor into your adjusted gross income and could lower your EFC.
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Revised Financial Aid Package Once you have received an official Financial Aid Package, revisions may be needed if you received an outside scholarship, your cost of attendance has changed, additional funds have been approved or youve decided to decline your Package.
Once youve received the students FAFSA information (including EFC) and calculated the students aid eligibility, you can package the students aid. The general rule in packaging is that the students total financial aid and other Estimated Financial Assistance (EFA) must not exceed the students financial need.
Your college or universitys financial aid office will subtract your EFC from its cost of attendance to determine how much to award you in subsidized direct federal student loans, federal work-study income, Pell Grants and Federal Supplemental Educational Opportunity Grants.

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