What is EFC in FAFSA?

Question

Hi, I just turned in everything for FAFSA. My parents W2, 1040's, etc. It is being processed now. My question is, they corrected my EFC to 865. Do you think I'll be able to get any help if my family's EFC is 865? It is the expected income right? Thanks, sorry I'm a first time college student and confused with all this.

Answer 1

The EFC is "expected family contribution" or in other words, the amount of money your family can reasonably contribute to your tuition and fees. In other words, with your EFC, you will probably get a pretty decent financial aide package. My EFC was around 1500, or so, and I have a full ride at the school I go to. Granted, I was also a straight A student, third in my class, first generation college student, and had a million extra-curriculars. Your package will depend greatly on the school you are attending as well. I go to a private university so they have more funds available than some other schools. Depending on the school you go to, you financial aide could be greater or lesser.

Answer 2

EFC is your "expected family contribution."  This means FAFSA feels (based on the information on your FAFSA) that you and your family can afford to contribute $865 towards the cost of your education.  Your school will compare your EFC to the estimated Cost of Attendance(COA) for your to attend college.  For instance, if the COA at your school is $10,000 for one year, and your EFC is 865, you have a need of $9135 and your school will work to put together a financial aid package consisting of grants, scholarships, loans and/or work study that covers your need.  

With and EFC os 865, you will be eligible for a PELL grant of about $3500 for the year (split in half for each semester)  You will also be eligible for a Federal Stafford Loan.  You may also be eligible for other state or Federal grants, you will have to ask your financial aid office.

It is always best to talk with your financial aid office, so they can explain all of your options to you.  

Good luck