What is a good EFC number?

What does my EFC number mean?

• It says that my number is 02464 * i have no idea what that means. I know that EFC means estimated family contribution. but what exactly does the number mean?

• Answer:

  First if your EFC has an asterisk after the number (that "star" symbol - * ), that means that your FAFSA has been flagged for verification. You will need to telephone the school you plan on attending, even if you have not received an acceptance notice yet, and find out what information (maybe just copies of the Fed. income tax return for your parent/s) is required for the verification. A verification does not necessarily mean the info on your FAFSA is incorrect or suspect. About 1/4 of all FAFSAs are automatically selected for verification. Then, the EFC number means that you MAY receive some Pell Grant funds - not the full Pell Grant amount, which is $5,500 for a full school year - split into 2 semesters or 3 quarters of a 4-quarter school year. The number is actually a code number and not the amount that you or your parents must pay for your higher education. It also means you will probably be offered Federal student loans. The Federal subsidized loan is the best loan deal. The actual Pell Grant amount you will be offered is the result of your EFC and the cost of attendance at your school. This is a link to a chart for Pell Grant funds, showing EFC ranges and cost of attendance ranges, if you wish to get an idea of the amount of Pell Grant funds you may be offered through your school: * http://www.ifap.ed.gov/dpcletters/attachments/P1201Attach20122013PaymentSchedules.pdf For example, with your EFC, if your cost of attendance (tuition+course fees) for a full school year, taking a full course load is less than $2,999, then according to the chart on the above cited page (PDF document), you will not be eligible for any Pell Grant money. If your cost of attendance is $3,000 or more for a full school year, then you will be awarded some Pell Grant funds. Librarians--Ask Us, We Answer! Find your local Public Library at: http://www.publiclibraries.com/ Find your College/University Library at: http://lists.webjunction.org/libweb/Academic_main.html Best wishes