{"id":5751,"date":"2020-02-03T11:13:59","date_gmt":"2020-02-03T11:13:59","guid":{"rendered":"https:\/\/scholarshipowl.com\/blog\/?p=5751"},"modified":"2021-03-24T16:17:23","modified_gmt":"2021-03-24T16:17:23","slug":"efc-for-fafsa","status":"publish","type":"post","link":"https:\/\/scholarshipowl.com\/blog\/guides\/efc-for-fafsa\/","title":{"rendered":"EFC for FAFSA"},"content":{"rendered":"

\"If you are hoping to get financial aid<\/a> for college, the first and most important thing you must do is <\/span>file your FAFSA<\/span><\/a>. The FAFSA<\/a> is a federal financial aid form that determines your financial need<\/a>. The application is composed of a <\/span>series of questions<\/span><\/a> that ask you all to indicate things like your parents\u2019 income and the value of their assets.\u00a0<\/span><\/p>\n

Your FAFSA is used to determine your EFC or your Expected Family Contribution. Colleges use the EFC to figure out how much need-based financial aid you would receive if you attend their school. Need-based<\/a> financial aid includes the <\/span>Federal Pell Grant<\/span><\/a>, <\/span>direct subsidized loans<\/span><\/a>, and <\/span>work-study<\/span><\/a>.<\/span><\/p>\n

You must determine your EFC in advance, even as early as your freshman year<\/a> of high school. Having an idea of what your EFC is can help you narrow down the schools that your family will be able to afford. You can use an <\/span>online EFC calculator<\/span><\/a> to figure out your EFC.\u00a0\u00a0<\/span><\/p>\n

What Does My FAFSA EFC Number Mean?<\/b><\/h2>\n

EFC shows your family\u2019s financial strength. It takes into account a variety of factors. It considers your family\u2019s taxed and untaxed income, assets, and benefits, like unemployment or social security. It also considers your family size and the number of family members who will go to college during that year.\u00a0<\/span><\/p>\n

Your FAFSA EFC number is equal to a dollar amount. For example, 4000 is $4,000. Your EFC <\/span>isn\u2019t <\/b>the amount of money you will be paying for college. It also <\/span>isn\u2019t <\/b>the amount of money you will get in financial aid. Rather, it is used in the formula for calculating your financial need.<\/span><\/p>\n

Your financial need is calculated by taking your EFC and subtracting it from the school\u2019s cost of attendance. The school\u2019s cost<\/a> includes things like tuition, books, transportation, and room and board.<\/span><\/p>\n

A lower EFC is more likely to get you more financial aid. For example, if your EFC is $10,000 and the school\u2019s cost of attendance is $20,000, your calculated financial need is $10,000. If your EFC is $5,000 and the school\u2019s cost of attendance is $20,000, your calculated financial need is $15,000. So, a lower EFC is more beneficial.<\/span><\/p>\n

For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.<\/span><\/p>\n

Where to Find Your EFC?<\/b><\/h2>\n

You can find your EFC located on the top-right of your student aid report. You receive the report a few weeks after filing your FAFSA. The schools you list as a recipient on your FAFSA also receive the report. Every school uses your EFC to determine the amount of aid you qualify for.\u00a0<\/span><\/p>\n

2019-2020 Quick Reference EFC Table<\/h2>\n

You can use the following chart to get an estimate of your EFC. The EFC in the table is based on parental income only. It does not consider<\/span> assets or untaxed income. A full chart can be found <\/span>here<\/span><\/a>.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Number of Dependent Children<\/b><\/td>\n<\/tr>\n
AGI<\/b><\/td>\n1<\/b><\/td>\n2<\/b><\/td>\n3<\/b><\/td>\n4<\/b><\/td>\n<\/tr>\n
30,000<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
40,000<\/span><\/td>\n$1,580<\/span><\/td>\n$695<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
50,000<\/span><\/td>\n$3,194<\/span><\/td>\n$2,338\u00a0<\/span><\/td>\n$1,547<\/span><\/td>\n$164<\/span><\/td>\n<\/tr>\n
60,000<\/span><\/td>\n$5,008<\/span><\/td>\n$3,992<\/span><\/td>\n$3,161\u00a0<\/span><\/td>\n $2,245<\/span><\/td>\n<\/tr>\n
70,000<\/span><\/td>\n$7,339\u00a0<\/span><\/td>\n$6,016\u00a0<\/span><\/td>\n$4,964\u00a0<\/span><\/td>\n$3,887<\/span><\/td>\n<\/tr>\n
80,000<\/span><\/td>\n$10,471\u00a0<\/span><\/td>\n$8,709<\/span><\/td>\n$7,288\u00a0<\/span><\/td>\n$5,884<\/span><\/td>\n<\/tr>\n
90,000<\/span><\/td>\n$13,919\u00a0<\/span><\/td>\n$12,089<\/span><\/td>\n$10,401\u00a0<\/span><\/td>\n$8,541<\/span><\/td>\n<\/tr>\n
100,000<\/span><\/td>\n$16,907<\/span><\/td>\n $15,249\u00a0<\/span><\/td>\n$13,732\u00a0<\/span><\/td>\n$11,892<\/span><\/td>\n<\/tr>\n
110,000<\/span><\/td>\n$19,884\u00a0<\/span><\/td>\n$18,226<\/span><\/td>\n$16,709\u00a0<\/span><\/td>\n$14,925<\/span><\/td>\n<\/tr>\n
130,000<\/span><\/td>\n$25,923\u00a0<\/span><\/td>\n$23,796<\/span><\/td>\n$22,279\u00a0<\/span><\/td>\n$20,491<\/span><\/td>\n<\/tr>\n
140,000<\/span><\/td>\n$29,192\u00a0<\/span><\/td>\n$27,065\u00a0<\/span><\/td>\n$25,312\u00a0<\/span><\/td>\n$23,528<\/span><\/td>\n<\/tr>\n
150,000<\/span><\/td>\n$32,461\u00a0<\/span><\/td>\n$30,333\u00a0<\/span><\/td>\n$28,346\u00a0<\/span><\/td>\n$26,562<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

What Does It Mean to Have an EGF of 00000?<\/h2>\n

If your EFC is zero, you will see multiple zeros in a row on your student aid report. A student whose family makes less than $25,000 and files a 1040 or 1040EZ tax return automatically gets a zero.\u00a0<\/span><\/p>\n

Students who are considered independent from their parents also get a 0 EFC. They are considered full-need students. There are many ways a student can qualify as independent. Here are a few of them:\u00a0<\/span><\/p>\n