FASFA question: What do I do with the EFC number? Mine is 03572. What does that mean?

Question

My son recently filled out the FASFA. I'd like to know what the EFC number means. I find sites that briefly explain it but I am unsure what exactly it means. Most want you to register, etc. I just want a quick, understandable answer. Thanks!

Answer 1

It is a code used by a school to determine what kind and how much monay aid she will recieve. The higher the EFC number the worse. Anything above 5000 is bad, it means she will not likely get any money from federal grant.

Answer 2

It is a code used by  his school to determine what kinds and how much financial aid he will get.  The lower the EFC number the better.  Anything below 4000 is good, it means he will likely get some form of federal grant (Pell) and possibly subsidized Stafford loans.

Don't listen to anyone who says its what you have to "contribute" to his college.. because it's not.  Like I say its just a code and not what the actual COST of his school will be.  The best way to determine how much a school costs will be to look up the schools tuition rates.

Hope this helps.