Financial aid question.. EFC? what does this number mean?

Question

i am applying for financial aid and when my application was marked processed it gave me a "family financia strength" number called an Expected Family Contribution (or EFC)

the number was like 02900 or so.. i am told that a number somewhere in the 4000's means that you do not qualify for a grant or other things and lower numbers are better.. can anyone shed some light on this or go into more detail on the subject or like me a web site that hasa chart so i can see the average numbers and where i stand in this chart... like my girlfriend had a 00000 and i am assuming that is the best you can get but if anyone knows where i can get some more information on this please let me know thatnks!

Answer 1

EFC is how much money the government thinks you should pay for you to go to school.  4000 is basically the cut off point.  I was vacationing in a tax free location for most of 07 so my number came out to be 0.  I haven't found a chart for the 08-09 year but here is a website with last years, which should be comprable.  you are looking at around 700 full time per semester.

http://www.bmcc.cuny.edu/finaid/grants/p...

Answer 2

Estimated family contribution - that's how much they expect you to contribute to the total cost of your education. Financial aid will then generally cover the difference (though that includes loans, so it's not always good). In other words, if tuition + living expenses = $20,000, and your EFC is $4,000, then te financial aid office will usually find you the other $16,000.

I've found that if the EFC is more than you can realistically pay (especially since the number comes from your previous year's income, not the current situation), then you can easily appeal it at the school's financial aid office.

Dunno, that's how it is at California community colleges and public universities at least.

good luck!

Answer 3

They take your income and the system calculates the financial aid that your are allowed where it be Pell Grant, sub or unsub loans.  If your income is above the allowable limit depending on the household size verses income the EFC is base on that information.  If your girlfrend showed 000 that she will be allowed all grant money plus sub & unsub loan through Sallie Mae.  You on the other had most likely have to apply for a alternative loan with Sallie Mae and this is based on credit.  There is a chart that indicates what grant money and other funds you can receive according to your income.

Answer 4

There is no exact number that says that you cannot get aid if you are over 4000 but the closest to zero as possible means you will more likely be eligible for most aid.

Answer 5

not like that