EFC number means...?

Question

I got an EFC of 1642 and I'm estimating my classes alone will cost about $1700 plus books, gas and all that. How much will I get from financial aid? It seems like a high number...

Answer 1

EFC is your Estimated Family Contribution. You wont be getting much if anything at all...sorry im on the same boat as you

Answer 2

An EFC of 1642 makes you eligible to receive a Pell Grant of $3081, if you are a full-time student. That money will be paid in two checks of $1540.50, one paid to your school in the fall, and the other timed to arrive for your spring semester.

How's that sound?

You will also be offered the opportunity to borrow from the Stafford loan program.

Good luck!

Answer 3

Your efc is just a code used by the college to determine what kinds and how much aid you will be getting.  It is NOT the amount you are expected to pay your school, despite what anyone else says.  You will prob qualify for a federal Pell grant, if you meet a bunch of other requirements.  You school will be able to tell you how much.

Answer 4

An EFC is the figure that the US Department of Education and your college's financial aid office will use to determine your eligibility for financial assistance. It is NOT what you will have to contribute out of pocket for your educational expenses. Your EFC directly corresponds to how much Pell Grant you are eligible to receive. At the school, the aid office will take your Cost of Attendance (as determined by the school) and subtract your EFC to determine your financial need. The aid office will then try to meet your financial need with financial aid based on federal and institutional policies.