Hi, a question about Fafsa.?

Question

Hello, what does it mean if I have an EFC of 02483 ?

I have no clue what this means . Does this mean that I am eligable for some sort of aid ?

Answer 1

EFC stands for Expected Family Contribution.  This number is used by the financial aid office at your school to determine what types of federal aid you might qualify for, and how much.  

The school will subtract the EFC from the cost of attendance to determine how much financial aid you need.  Then the school will offer you need-based federal student aid up to this number.  "Need" is defined by the federal government, not by the school.  

Based on your EFC, you will qualify for some need-based aid.  To find out exactly how much, you have to speak to someone in the financial aid office.  They are the only people who can tell you how much you will receive.

It isn't a financial aid "score," or the dollar amount you and/or your parents will have to pay.  These are common misconceptions and are not necessarily true.  

If you have sources of financial aid other than that from the federal government (e.g. from the state you live in, from your school, from your church, from a scholarship organization, etc), this number could be covered by those funds.

Answer 2

Expected Family Contribution (EFC)

Answer 3

I love EFC questions in the afternoon!  EFC stands for Estimated Family Contribution figure and it is by my opinion the most mis-named acronym in our FA dictionary.  It will mean very little to you except that you may be eligible for Pell grant funding with a number as low as yours.

From there the financial aid office uses the figure in a formula to determine how much additional aid (grants/loans) you would be eligible for at their school.  Lower EFC is always better for you than a high one.  Usually anything under 4k nets you some amount of Pell money.  

Talk to your financial aid office.  If you listed your school on the FAFSA they will have received a copy of the FAFSA electronically and may be in the process of issuing you an award letter detailing any aid eligibility you have.