I just saw the results for my financial aid. it says my efc is 01724 . i don,t understand. what does this mean

Question

I just saw the results for my financial aid. it says my efc is 01724 . i don,t understand. what does this mean

Answer 1

The Expected Family Contribution (EFC) is how much money your family is expected to pay toward your college education for one year.

Typically, the lower your EFC, the more financial aid you will receive. Factors such as family size, number of family members in college, family savings, and current earnings (information you provide on the FAFSA) are used to calculate this figure.

The same information is also sent to the schools you listed on the FAFSA. The financial aid office will use your EFC to determine your financial need.

Need is defined as the difference between the cost of attending college and your EFC:

   Cost of attendance (COA)

– EFC

= Financial need

Based on that, the financial aid office of the school(s) you listed on your FAFSA will prepare a financial aid package and craft a financial award letter.