My EFC was 2292. What does that mean?

Question

My EFC was 2292. What does that mean?

Answer 1

As the previous respondent correctly replied, the EFC, or estimated family contribution, is the amount that the Department of Education believes your family should be responsible for contributing to the cost of your education THIS year. These amounts change from year, based on your family's circumstances, and you will fill in another FAFSA form next year, which will be processed to determine another EFC.

An EFC of 2292 is significant, because that's a low number - low enough, in fact, that you will qualify for financial aid in the form of a Pell Grant. Like any other type of "grant", the Pell Grant is great because you won't be required to pay that money back - it's a gift from the federal government because they want to see you go to college and succeed.

I can't give you an exact figure, but an EFC of 2292 should make you eligible for a Pell grant of a little more than $1700 a year - so that's a nice start towards your college bills.

With an EFC of 2292, you will probably also be eligible for other forms of financial aid assistance. Assuming that you entered your college information on your FAFSA form, the Department of Education will now forward your EFC to the financial aid office at your school. If you did not tell the Department where to forward your FAFSA data, contact the financial aid office at your school immediately. They'll ask you for a number on your EFC report, and they'll be able to use that number to request the data they need from the government.

The next step is simply to wait. You will receive a letter from the financial aid office of your school, explaining an aid package that they are offering you. The package may consist of a combination of grants, loans, scholarships, and federal work-study assignments. You and your parents should review that information, because you are free to accept any, all, or none of the different types of aid offered to you. Of course, if you choose to reject some or all of the aid, you would be responsible for making up the difference with funds from somewhere else.

Your best resource for information is definitely your financial aid office. They'll be able to counsel you and/or your parents about the different forms of aid and explain how, when, and if the various forms need to be repaid.

I hope this helped. Good luck!

Answer 2

This is your Expected Family Contribution. You are expected to pay $2,292 out of your pocket. The government and/or university will cover the rest of the costs.