What does a FASFA EFC code of 307 mean?

Question

What does a FASFA EFC code of 307 mean?

Answer 1

To you, it means that you should be eligible for a Pell grant, almost a full Pell based on that low a score.  This is providing you have not already earned a prior bachelors degree.

Other than that, the financial aid office uses this figure to determine how much need-based aid you can receive.  It may also help you qualify for any existing state or institutional grant awards as well.  

Oh, and it means you hardly have a nickel to your name.  Hello poverty!  *grin*

Answer 2

An efc of this amount means you will likely receive $4,381 next year in Pell grant.  (Half in the fall 08 and half in the spring 09) if you attend full time and meet about a million other things such as no bachelors degree, no defaulted loans, decent college gpa.

You will also likely qualify for additional financial aid such as Perkins and/or Stafford loans, Work Study, maybe state grants or FSEOG if you applied early enough.

Congratulations!