What Does Efc Actually Mean?

I just got the report from FAFSA and it said that my EFC was 437. I know that it is very good, the lower the number the less I need to pay... but does this really mean that I only need to pay 437 $/year for education? Or is it something else like my rank in eligibility table, or smth?

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I thought EFC was expected family contribution (e.g. what your parents pay for college) but if you're living by yourself or your family isn't very rich then it is very possible that the school only expects your family to pay $437/year. That, however, is in addition to student loans and work-study and stuff.

Edit: Yeah, just checked, and I guess that's per year. So, that's a pretty small amount. That's good I guess.

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This is taken from the FAFSA website ...

"The Expected Family Contribution (EFC) measures your family's financial strength and is used to determine your eligibility for federal student aid during one school year. Your EFC will be displayed on your Student Aid Report (SAR) after your FAFSA is processed.

The information you reported on your Free Application for Federal Student Aid (FAFSA) is used to calculate your EFC. The school uses the EFC to determine your federal student aid eligibility and financial aid award.

Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive."
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So it seems it's more like a credit score and not a dollar amount. Replying to cangor

-reply by getevenstephen

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efc of 450
What Does Efc Actually Mean?

I recieved an e-mail that my efc number was 450. I have never been through the financial aid process and haven't a clue. I was wondering what the efc numbers range from and what this 450 means for me. Thank you, Rachel -question by rachel

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What Does Efc Actually Mean?
What Does Efc Actually Mean?

It means exactly that: what you are expected to pay each year for your education. When the colleges look at this number, they will offer a combination of scholarship and loans such that your out of pocket is close to the EFC; you have to pay back the loans.

 

-reply by Jose

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what you EFC means, really, is  your eligiblity for receiving financial aid through FAFSA. The lower the number, the more likely it is that you will receive federal grant money.

 A number like 437 is actually pretty good - depending on your school, you will most likely get money in the form of a Pell grant, for example. A student with a number like,say, 3000 will likely even get a bit of money.

Just go onto fafsa.Gov and apply. It should be the 1st step anyone takes for getting money for college, and probably the easiest.

-reply by adam

 

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So, After you fill out the fafsa form it displays the EFC number. Is it the higher the number the more you will pay? So what if you get like a 0?  Does that possibly mean you will get the full amount of your college? I doubt it but it would be nice since mine went up to an outrageaous amount that I can't afford!  Does anyone know what a zero would mean?

-reply by BrandiB21

 

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