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EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family's taxed and untaxed income, assets, benefits, family size, and number of family members attending college.
Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance.
Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
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What does it mean if your EFC number is 99999?
EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family’s taxed and untaxed income, assets, benefits, family size, and number of family members attending college. Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance. Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
What if your EFC on your FAFSA is 9999?
EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family's taxed and untaxed income, assets, benefits, family size, and number of family members attending college. Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance. Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
What does 308 mean on FAFSA form?
This is most likely your EFC. EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family’s taxed and untaxed income, assets, benefits, family size, and number of family members attending college. Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance. Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
What does it mean if your EFC number is 99 on your FAFSA?
EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family's taxed and untaxed income, assets, benefits, family size, and number of family members attending college. Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance. Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
What does it mean if your EFC number is 3085 on your FAFSA?
EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family’s taxed and untaxed income, assets, benefits, family size, and number of family members attending college. Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance. Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
What does a EFC of 00000 on FAFSA indicate?
You'll get the Pell Grant, Work Study and Loans. For the Pell Grant you'll get the max which is $5,500 for the year.
What does an efc of 00000 mean on the FAFSA?
You'll get the Pell Grant and also Work-Study Programs and Loans. The Pell Grant can be up to $5,500 for the entire year.
What does it mean if your efc is 00000?
You can get the Pell Grant (up to $5,500 for the year,) Student Loans and Work Study.
What does it mean if your EFC number is 12126 on your FAFSA?
This number indicates that you are not eligible for any pell grants.
What are the factors that affect how much aid a pell grant recipient will receive?
The main factors that affect the amount of aid a Pell Grant recipient will receive are the expected family contribution (EFC), the cost of attendance (COA) at the institution they are attending, and their enrollment status (full-time or part-time). The EFC is determined by the Free Application for Federal Student Aid (FAFSA) and reflects the recipient's financial need. The COA determines the maximum amount of aid a student can receive, while the enrollment status determines the prorated amount based on their level of enrollment.
What EFC number will make you eligible for the maximum Pell Grant?
For 2013-2014, students with EFC'sbetween 4995 and 5081 are eligible for a Pellgrant for the first time. (The new maximum EFC is 5081.) There is also a modest increase in the minimum and maximum award amounts. (The minimum award is set slightly higher than the required 10% of the maximum by the Dept of Education to make their numbers work.)You can calculate your EFC in the related link.The following contains both maximum and minimum award amounts with regard to enrollment status:Full-time: 5,550 | 5773/4 time: 4,163 | 5631/2 time: 2,775 | 5751/4 time: 1,388 | 563As far as your EFC goes, the lower your EFC is, the better your chances are at receiving the full amount, with EFC values at zero almost always qualifying for the entire amount. The higher it costs to attend your college, the greater your likelihood of receiving more aid by way of the Pell Grant, as this is commonly referred to as your cost of attendance by financial aid people.
Pell Grants: Breaching the Financial Walls of Higher Education?
The Pell Grant, originally known as the Basic Educational Opportunity Grant (BEOG), was established in 1973 by Senator Claiborne Pell from Rhode Island. The program was originally conceived during the 1972 reauthorization of 1965’s Higher Education Act as a means to assist low-income individuals in overcoming financial barriers to higher education. In order to encourage low-income households to pursue postsecondary education, Pell Grants offers additional funds to individuals who already qualify for need-based financial aid. Eligibility for a Pell Grant is determined by factors such as the student’s Expected Family Contribution (EFC), cost of attendance, and enrollment status (full- or part-time). Furthermore, the student must have earned a highschool diploma or GED and not yet have completed a Bachelor Degree. These factors must be reported via the Free Application for Federal Student Aid (FAFSA) form, which will allow the U.S. Department of Education to determine the student’s eligibility for a variety of grants and loans. Because Pell Grants are distributed on basis of financial need it is likely to be offered in conjunction with a work-study program or a subsidized student loan such as the Stafford Loan. The Pell Grant itself does not require repayment. According to the U.S. Department of Education’s website just over $19 billion was made available via the Pell Grant program in 2009. Approximately seven million awards were distributed with amounts ranging from $486-$5350 and an average award of $3611. It is estimated that funding for Pell Grants in 2010 will increase by over $9 billion, for a total of almost $27 billion in available funds. Qualification for a Pell Grant is a prerequisite for several other Federal aid programs such as the Academic Competitiveness Grant (ACG), the National Science and Mathematics Access to Retain Talent (S.M.A.R.T.) Grant, and the Teacher Education Assistance for College and Higher Education (T.E.A.C.H.) Grant. For more information on the Pell Grant and other Federal Financial Aid programs please visit Student Aid on the Web (studentaid.ed.gov) and the U.S. Department of Education (www2.ed.gov). To apply for a Pell Grant or financial assistance please visit FAFSA (www.fafsa.ed.gov). For budget information regarding the 2010 Pell Grant Program please review the following document: http://www2.ed.gov/about/overview/budget/budget10/justifications/p-pell.pdf
What will a 5500 pell grant cover?
Federal Pell Grants cover a portion of your federally defined "need", which is the difference between the cost of attendance at your college or university and the Expected Family Contribution (EFC) your school uses that resulted from the calculations done on your Free Application for Federal Student Aid (FAFSA).
What does it mean if your efc number is 002668 ?
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 does a efc of 1991 mean?
An EFC of 1991 is supposed to mean that, according to the formula used on the FAFSA, you (and your family) should be able to contribute $1991 towards your education during the school year in question. That doesn't actually mean that you will have to pay that amount and it also doesn't mean that this is all that you will have to pay. An EFC is used as a gauge of how much 'need' a student has. A student with an EFC of 0 (zero) has greater need than a student with an EFC of 1991. Generally, an undergraduate student with an EFC of 1991 will be eligible for a Pell grant, maybe a Supplemental Educational Opportunity Grant (unlikely, but it could happen depending on the school), possibly a state grant (if your state has one and you attend a qualifying college) and possibly an Academic Competitiveness Grant if you are a recent graduate that completed a 'rigorous program' in high school. In addition, you are likely to be offered subsidized Stafford Loans (the kind that don't accrue interest while you remain enrolled at least half-time in school and have a slightly lower interest rate when you do enter repayment) and you may be offered Perkins Loans depending on your school. Some scholarships also consider a student's need before awarding.
What does it mean if your EFC is 4855 on the FAFSA?
EFC stands for Expected Family Contribution. The is an index number that college financial aid staff use to figure out how much financial aid you are eligible to receive if you go to their school. Your EFC is figured out after you report information about your specific situation on the FAFSA. It is based on a formula established by law. This formula considers your family's taxed and untaxed income, assets, benefits, family size, and number of family members attending college. Your college figures out how much need-based aid you will receive by subtracting your EFC from your Cost of Attendance. Your EFC is not how much financial aid you will receive, nor is it how much money you will have to pay for college.
What is the most FAFSA applicants have qualified for?
I'm not sure exactly what you're asking, but when you fill out a FAFSA, you are given an EFC (expected familial contribution) that is based on the information you provide. The FAFSA itself is not a grant/loaning body..but a metric by which to assess what federal/state grants you qualify for, and for your university to determine your "need" (this is a highly contested value, and varies school by school). My EFC is 0 (and my university has a large endowment) so I have received a full ride. Hope this helped!
