My ecf number 03564 for fafsa what will i pay?

Question

My ecf number 03564 for fafsa what will i pay?

Answer 1

Whoa, whoa. Hang on, and I'll explain.

When you submitted the financial information on your FAFSA form, the Department of Education analyzed that information and computed an EFC, which stands for Estimated Family Contribution.

The EFC represents the Department's estimate of what you and/or your family should be expected to contribute to the cost of your higher education expenses THIS year (you'll have to complete a new FAFSA every year that you want to apply for financial assistance).

You can read that EFC in a dollar amount - in other words, the US government expects YOU to contribute $3564 to the cost of your education this year.

Now that your EFC has been determined, the Department will forward your financial information (and the EFC) to any school that you had asked them to send it to. If you did not indicate a school (or schools) when you filled out the FAFSA form, your school will be able to request this information from the Department of Education now, but you'll need to contact the financial aid office at the school and give them your FAFSA application number.

Once the financial aid office has received a report from the Department of Education, they will use that info to figure out what forms of financial aid you can qualify for.

One form of assistance that you automatically qualify for is a Pell Grant. Pell Grants are great, because Pell Grants represent free money from the government. You will never need to pay this amount back, unless you drop out of school and fail to complete the classes that the Pell Grant paid for.

Pell Grant eligibility is based entirely on your EFC score - and your EFC of 3564 falls a little below this year's qualification standard, which was 4041. If your EFC is below 4041, you qualify for Pell Grant assistance.

The amount of Pell Grant that you will qualify for will depend on your specific EFC, but it will also depend on whether you are registered as a full-time student. The financial aid office will be able to tell you exactly what the rules are.

Your school's financial aid office will compare your EFC of 3564 with the "cost of attendance" at that school. Cost of attendance includes tuition, but it also includes books, fees, miscellaneous expenses, room and board, transportation to and from school each year, and even an allowance for a personal computer.

The difference between the EFC (what they can expect you to pay) and the cost of attendance (what it will actually cost to attend) is your "need". The financial aid office will put together an aid package that is designed to cover some, or hopefully, all of your need. The aid will come in the form of loans, grants, scholarships and possibly work-study. You are free to accept any, all, or none of the various forms of aid that are offered, but either way - you must be able to pay the total bill if you want to attend the school, whether that money comes from financial aid, or from your own pocket.

I highly recommend that you read the government publication that I've attached below. It has a lot of helpful information about financial aid, and it explains it all in easy-to-understand language.

Best of luck to you - I hope this helped.

Answer 2

I dont know why the people think the Estimated Family Contribution is a $ amount when in fact it is not.  It is an index number given by the department of education based on your income.  It is NOT what you have to pay.  It is an estimate on how the goverment thinks you can contribute.  03564 means they think you can pay towards your college.  

Actually the government has nothing to do with your financial aid package the school does.  The EFC gov gives you is an opinion and sometimes the school raises it or lowers based on their school guidelines.

Dont listen to anyone that says that number is a dollar amount when it is not