EFC number on FAFSA is 4323 but family made less than 25,000 last year?

Question

I just filled out my FAFSA for college and as a result received a generated response with an EFC number of 4323. Is this the amount my family is expected to pay? Because my family sure is not putting any money towards college, because they dont have any! Could this be some mistake? Please help!

Answer 1

It's either a mistake or your family has some assets which also count.

Answer 2

Your EFC is not what you will have to pay for your school.  It is also not what your family is expected to pay.  Because they don't have to pay anything if they don't want to.

Your EFC is just a code the school uses to determine what kinds and how much aid you'll get.  The best way to find out how much you will have to pay is to look up your schools tuition and fee rates.

Yes, you will get aid, anyone can qualify for finanical aid in the form of federal student loans.  You will likely be offered Stafford loans.  Dependent freshman can borrow up to 5,500 a year in Stafford Loans.  You can also apply for scholarships.