What does an EFC of 3192 mean on my SAR?

Question

What does an EFC of 3192 mean on my SAR?

Answer 1

Your EFC is your expected family contribution, so basically FAFSA feels your family can contribute $3192 towards the cost of your college education for the first year.  

With this EFC you will be eligible for a PELL grant of $1500 for the year (you will receive 1/2 for each semester)

If you met the academic requirements, you will also be eligible for an ACG grant (750 a year for freshman and 1300 per year for sophmore)  If you school has any left, they may be able to award you and SEOG grant.  

You will have to check with the financial aid office at the school you plan to attend to see if you qualify for any state or institutional grants.  

You may also qualify for Federal Work Study, and you will qualify for a Federal Stafford Loan of at least $3500.

Answer 2

The EFC is your "estimated family contribution", in dollars. Based on the financial info that you and your family provided to the Department of Education on your FAFSA form, the Department estimates that you and your parents should be responsible for approximately $3192 of your educational expenses this year.

If you completed the section on your FAFSA that asked the Department to pass your information on to the school or schools that have accepted you, the financial aid office at each of these schools will now review the Department's analysis and put together a financial aid package. You'll receive a letter from financial aid offering you a variety of aid types, which will most likely include Stafford Loans, scholarships and grants. You and your parents are free to accept any, all, or none of the various types of aid that are offered to you - but, of course, you will be responsible for making up the difference.

Most colleges aim to cover 100% of each student's demonstrated "need". If you find that you will still need more money to cover your college costs, the first thing to look at would be PLUS loans - another type of government-backed loan that is available only to parents, rather than the Staffords, which are available only to students. I've attached a link with information on PLUS loans.

I hope this helps - good luck!