What is efc financial aid

Although your EFC might be small or even zero, this does not mean you will automatically be eligible to receive aid for the remaining tuition costs. Or, you can apply to a school with a lower COA. Special circumstances can be considered when granting aid through your school. Your need-based aid may not cover all of your educational expenses, however. If this is the case, or if your EFC is too high and prevents you from receiving need-based aid, you have other options.

Next, be sure you apply for any scholarships or grants you might be eligible for through your school, local offerings, or other private funding sources. Lastly, look into private loans to help fund any remaining costs. Still need help understanding how you can afford your college expenses? Our team of experts at CollegeFinance can help. We have resources to help you better plan for the cost of college, a large directory of scholarships , and tips on how and where to borrow money.

If your family's financial situation improves, your EFC may go up, too. Your EFC is based on financial information in the tax return from two years prior to the start of the school year for which you're requesting aid.

Many people may think that they can change their EFC and get more need-based aid by leaving out a few extra points on the FAFSA or omitting information. One way to potentially lower your EFC is to be declared an independent student , though this requires meeting certain criteria.

This process is called a professional judgment, and is typically reserved for unusual circumstances with proper documentation. Your financial aid office can help you complete the student aid appeals process, or help you find other sources of student aid for which you may be eligible.

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Lorean Prasannakumar Professional. How fafsa EFC is calculated? The financial aid staff starts by deciding upon your cost of attendance COA at that school. They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.

Natan Sandl Explainer. Xuejiao Cadevall Explainer. What does it mean if you have an EFC of 0? Being a full- need student means that you will get more aid from schools than someone with a higher EFC , but it does not necessarily mean that all of your financial need will be met.

There are very few schools that meet full need. This may result in an EFC higher than zero, although it may still be low. Tawnya Prugner Explainer. Is fafsa EFC per year or total? The EFC is an annual amount. This is more than the annual cost of most state schools. Lacey Borona Pundit. How much do you have to make to get financial aid? A wide range of EFCs exists. Claudelina Pasion Pundit. What is the maximum income to qualify for fafsa? Madona Reinertz Pundit.

Is the EFC number a dollar amount? The student's EFC is the minimum amount the student is expected to contribute toward the cost of college. Thus, EFC represents a dollar amount. Danuta Slonimsky Pundit. Can fafsa give you a full ride? Financial aid is based on the full cost of college, including room and board, not just tuition and fees. But the amount of financial aid is reduced by a measure of your ability to pay , so you are unlikely to get a completely free ride at any college, even if you are very poor.

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