What would an EFC of 0049 mean from a FAFSA application?

Question

I am 23 and returning to college to obtain my associate degree, and after filling out the FAFSA form they sent me an email to say that my EFC is 0049. But Im not exactly what that means to me. I know that means estimated family contribution but, it can't mean that Id only be expected to pay $49 the whole school year can it? I am going to a community college where tuition is only about $1300 for a semester. Can anyone shed some light on this for me?Please!

Answer 1

Well, it's not exactly like the majority of the Federal money is free although most kids seem to think it is. The Pell Grant is a gift, but the Stafford loans must be paid back and the work study is paid out after you perform the work.

Answer 2

The EFC is a code your school uses to determine what kinds and how much money you will get.  It is NOT what you will have to pay for school.  Usually, the lower the EFC the better.  With an EFC of 49 you will get almost the full amount of Pell grant (Free money) if you meet a ton of other guidelines.  

Your pell will prob be $4,681.00 if you go full time.  The school would get half in the fall and half in the spring.  If any money is left over after paying tuition and books, you would get this amount given to you to help pay for living expenses, transportation, etc.

Answer 3

An EFC of 0049 means that you have an "expected family contribution of $49".  EFC is not a "code', as some people state, but is - as it states, an expected dollar amount of what your family can expect to contribute to your education, if your grant / loan amounts are not sufficient.  Your EFC is determined by your FAFSA, according to the Department of Education's guidelines, and your EFC helps your school determine your level of eligibility for each of the different  types of financial aid (grants, loans, work-study, special grants etc).  

For specific questions about the FAFSA, or how the EFC formula works, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) , or go to http://fafsa.ed.gov and click on FAQ's, then "Definitions", then click on "What is my Expected Family Contribution", then click on "The EFC Formula" - and on the following page, click on the 2008-2009 PDF link, under the bullet titled "Completing your FAFSA", Expected Family Contribution.  

Here is where it states plainly:  "What is the EFC?

The Expected Family Contribution (EFC) is the amount a family can be expected to contribute toward a student’s college costs. Financial aid administrators determine an applicant’s need for federal student aid from the U.S. Department of Education (the Department) and other sources of assistance by subtracting the EFC from the student’s

cost of attendance (COA)."  source:  http://studentaid.ed.gov/students/attach...

No one can honestly predict here whether you will realistically get or qualify for full grants and loans, or even if you will qualify for $$ in excess of your projected tuition etc, without looking at your tax returns, knowing which educational institution you are attending / their tuition, and your FAFSA information, so beware what some people try to tell you, even if they are listed as a "top contributor".  All "top contributor" means is that they've answered lots of questions

:-), and it has NOTHING to do with their accuracy of answers.

Answer 4

Yes, you are correct - you would be seen as expected to pay for $49.  This is a further calculation though, because pell grants have a tiered system based on EFC as to how much you receive.  With a $49 EFC, you would receive the maximum pell grant, plus qualify for full stafford loans.  Once your financial aid office receives your SAR (Student Aid Report) from the FAFSA/Dept. of Education office, they will send you an award letter so you know exactly what you qualify for.