What does efc 06693 mean? and what do i do with it afterwards?

Question

What does efc 06693 mean? and what do i do with it afterwards?

Answer 1

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.

Answer 2

This is the code the school uses to determine what kinds and how much financial aid you will get.  With an efc of this amount you will not likely qualify for the Pell grant, but may qualify for other kinds of aid like Stafford loans and PLUS loans.  Here is a good book about fin aid and the types and the max amounts you can get for each.  Page 9 and 11