I just got an efc from my fafsa of 39 what does this mean?

Question

I just got an efc from my fafsa of 39 what does this mean?

Answer 1

You have a low Expected Family Contribution. Your school will use this number to determine how much aid you are to receive.  Because each state and each campus is different it is unwise to speculate on a dollar figure.  However, you appear to be in a favorable position.

Contact your financial aid office, they will let you know if you need to do anything else to complete your financial aid process.

For more information visit:

http://www.collegeboard.com/  

http://studentaid.ed.gov

Answer 2

EFC is the expected family contribution. What will happen next is that the FAFSA info will be sent to the school you listed, once they have the info they can package an award letter for you. This number will determine how much financial aid you will recieve. The numbers range from 0 on up. The school will subtract your EFC (39) from the cost of attendance. If the cost of attendance is roughly $20,000 the school will offer you $19,961 in fin aid. This is made up of grants, loans, work study, any scholarships you may get, and other tuition assistance.

Good news for you is since 39 is a low number, you will get the PELL GRANT. This is a good grant to get because you do not have to pay it off. You will not recieve the full amount, because that is reserved for people with an EFC of 0, but you will recieve a large amount. Good luck!