Is an EFC score of 03012* good or bad? ?

Question

I applied for financial aid through FAFSA and received an EFC score of 03012*. I am a second year student with a GPA of 3.25 and I want to know if this EFC score is good or bad. I would highly appreciate any answers. Thank you.

Answer 1

Well it means you will get some Federal assistance but with a 3.2 you probably wouldn't get grant money beyond that from most colleges unless they guarantee to meet a high percentage of need. This would limit your college choices.

Answer 2

You'll definitely qualify for a lot of federal help with an EFC of 3012. However, if you're attending a private school with high costs, you may end up needing to borrow more.

In the past, colleges didn't expect you to pay anymore than your EFC as calculated by the FAFSA. However, in this economy, colleges aren't giving as much aid. My college charged me $4,000 more than my EFC calculated I could afford.

If you're going to a state school in your state of residence, you'll probably end up owing little or nothing. However, a private high-cost college might end up being more of a financial burden.