what does it mean to have a 0 efc
What Is a Skillful EFC Number?
By
Stacy Zeiger
Stacy has experience assisting with the higher search process, choose colleges to apply to, navigate the awarding process, and discover scholarships.
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Teacher
Trying to understand the EFC number and what it means? An EFC number is the "expected family contribution", or the corporeality a family is expected to pay for their educatee'southward college teaching. Information technology brusque, the EFC has an result on how much federal grant money you will exist given for higher expenses.
What Is a Good EFC Number?
Most parents misunderstand how an EFC number is used and it is generally assumed that a depression EFC number is a improve number. In full general, a lower EFC number will result in a higher award from the government. EFC numbers are calculated by schools using the same scale as does the government. Once your FAFSA course is received, the schools arrive at a number betwixt 0 and 4617 that will result in a federal student aid grant for the following bookish year.
Whatever person with an EFC number at 0 will receive the maximum amount of student assistance, while a number over 5273 will event in no aid at all. The numbers, and the amount awarded, fluctuate annually. The closer y'all can get to zero, the more federal dollars you'll have to assist pay for tuition and fees.
Yet, if your family receives a low EFC number that is all the same higher than what is affordable, it is not a good EFC number. For example, an EFC number of 500 means that your family unit is expected to pay at least $500 to comprehend tuition and fees, and y'all may exist eligible to receive aid to cover tuition upwards to that amount. Even though 500 is a fairly low EFC number, if your family unit already lives on a tight budget, finding an extra $500 may seem impossible, making it a bad EFC number.
Ways to Make Your EFC Number Better
Your EFC number is factored by taking into business relationship family unit size, including the number of family unit members currently enrolled in college, parental income and assets and student income and assets. In that location is no easy way to lower your EFC number without hiding assets and engaging in other illegal action. If you plan in advance, y'all may be able to slightly lower your EFC by:
- Paying off debt
- Not placing savings accounts in the student's proper name
- Reducing assets past purchasing large ticket items before the FAFSA is filled out
- Having grandparents, instead of parents, establish 529 college savings plans
- Enrolling more family members, such equally parents, in college.
If you practice not feel comfortable with those options or they do not seem feasible, there are ways to make your EFC number less of a burden.
Apply for Scholarships
Students typically fill out and submit the FAFSA and become their EFC number earlier applying for scholarships. Merit-based scholarships (including those for artistic and athletic ability) do not usually accept into account the EFC number. If you accept an EFC number of 1200 and get a scholarship for $1000 a year, of a sudden your family is just responsible for $200. In addition if you take an EFC number that y'all think you cannot afford, you may employ for demand-based scholarships through the college or independent organizations.
Become a Chore
An EFC number under 5273 often qualifies you for a piece of work study job. While most of these jobs are catered to students, giving them flexible hours and time to study, their pay is often low and any money earned is directly applied toward tuition and fees. If yous qualify for a work-study task, you have the option of turning it down. You may be able to get a job off-campus or a higher-paying position on campus and make money above what the work-study position offered. Nonetheless, you lot must be disciplined enough to apply your earnings toward tuition and fees.
Choose a Different School
This decision is difficult for students who have their hearts attack attention a specific higher. However, even a low EFC number does not guarantee that a school volition provide 100% financial aid. If the amount of money you receive in federal financial aid covers a pregnant portion of your schoolhouse'southward tuition and fees, you lot may have ameliorate luck getting the additional funds covered through your school's fiscal aid department than if y'all would withal owe thousands of dollars after federal financial assistance is applied.
Work With Your EFC
Overall, there is no such thing equally a bad EFC number as long every bit your family tin afford to pay or comprehend with scholarships the EFC and whatever the difference is between financial assistance and tuition. Regardless of your EFC, it is of import to detect ways beside federal grants to pay for college. Seek out colleges that guarantee to encompass a educatee'due south full financial demand or, if you have a low EFC, seek out scholarships that consider a student's financial need earlier awarding the scholarship.
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Source: https://college.lovetoknow.com/What_Is_a_Good_EFC_Number
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