Trying to understand the EFC number and what it means? An EFC number is the “expected family contribution”, or the amount a family is expected to pay for their student’s college education. It short, the EFC has an effect on how much federal grant money you will be given for college expenses. What Is a Good EFC Number?

How does the Expected Family Contribution ( EFC ) work?

The EFC is the Expected Family Contribution, which is derived when you complete the FAFSA. Financial need is the difference between the cost and the Expected Family Contribution. Colleges try to meet your financial need through a combination of “gift aid” (grants and scholarships), work-study and student loans.

What does EFC stand for on FAFSA form?

It’s very important to note that the EFC is not the amount of money your family will have to pay for college. Instead, the EFC is an index number used by financial aid offices to calculate your financial need. The formula they use is:

What can you do with an EFC number under 5273?

An EFC number under 5273 often qualifies you for a work study job. While most of these jobs are catered to students, giving them flexible hours and time to study, their pay is often low and any money earned is directly applied toward tuition and fees.

What does it mean if EFC is 00000?

What does it mean if EFC is 00000? If your EFC has a string of “0s” it means that your Expected Family Contribution is $0. This means that given your family’s financial situation, the college in question does not expect your family to contribute any amount of money to your education.

How is the Expected Family Contribution ( EFC ) calculated?

THE EFC FORMULA, 2021–2022 What is the EFC? The Expected Family Contribution (EFC) is a number that determines students’ eligibility for certain types of federal student aid. This number is calculated with the EFC formulas, which use the information that students provide on the Free Application for Federal Student Aid (FAFSA ®).