Silly question, but what does it mean exactly that my EFC is 02651, will I get any help for school?

Question

Silly question, but what does it mean exactly that my EFC is 02651, will I get any help for school?

Answer 1

It means approximately $2651 of your resources will be expected to pay for each year of college. The difference will get made up by the government and/or the college you plan on attending.

Answer 2

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 will prepare a financial aid package and craft a financial award letter.