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What does my EFC mean?

What does my EFC mean?

  • I'm confused by my EFC and what it means. My efc was 2024. Does this mean my family is expected to pay 2024.00? If so, I don't know how that could be as my dad past away last january and my mom made 4,000 dollars last year and at 67 only has 22,000 for the rest of her life, besides social security. Besides, I just turned 23 and don't see how or why she should be expected to cover any of my education as I haven't live with her for close to 5 years. Can anyone clear this up for me? I'd really like a more clear picture of what this means. I made 17,000 myself last year, which hardly seems like an overwhelming amount.

  • Answer:

    I am a financial aid administrator. If you have specific questions, feel free to email me at the yahoo account. Your efc is only a number used by the Finaid office to determine your eligibility for aid. The federal grant is an entitlement, but isn't much money relatively speaking. The rest of your aid package will come from student loan prograns, work study (possibly) and institutional grant if they offer it. This does not mean that you will only be expected to pay 2,024. In fact, more than likely you'll pay much more than that. Being 23 and not living with your parents does not have much of an impact here. Because you earned 17,000 last year, I suspect the majority of the EFC is coming from your income. If you will not be earning 17,000 this year, talk to your aid counselor for a 'reduction of income' exemption. However, it won't effect too much because your efc doesn't have far to go downward. The fact of the matter is that private college will probably cost too much for you. I work at a private college and I've seen too many kids have to walk away because they thought they could afford it - there is only so much the school can or is willing to do to help. I strongly recommend 2 years of community college and transfer to a bachelor's program for your junior and senior year. It's the same degree, it just costs a LOT less. Like I said, email me at [email protected] if you have more specific questions. This is what I do for a living.

Tanzy at Yahoo! Answers Visit the source

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You're right. EFC does stand for expected family contribution. HOWEVER, that EFC is based on a formula the US dept of education uses in conjunction with your most recent year's tax that you filed. Often times, people pass away, people lose jobs, ect in the course of that year for which they filed. This is my suggestion..talk to the financial aid advisior at the school you are planning on using the financial aid at, and see if maybe you qualify for a "special circumstances" waiver which may grant you MORE financial aid. Your financial aid package is determined by the school to which you are applying, so, the director of the financial aid dept, in reviewing your case on a personal basis, may be able to help you come up with other grants, loans, or other programs that may be available to you to help fill in the "gap" of what you cannot pay. I know, I am in the same situation. I am an independent student, live alone, parents have both passed away, and last year I made just a little over 12,000. I think my EFC was somewhere around 2,000 too. The government is paying less and less in financial aid, but the cost of tuition just keeps going up and up, and it's making it really hard on students. Look at it this way (I had to) a $2,000 contribution is what the government expects you to pay per YEAR towards your education. If you take $2,000 and divide it over 12 months, it's really not THAT much to ask for you to contribute yourself. I mean that's like under 200 a month (which yes, as a college student, I know that's not easy 'extra money' to come up with) But, if it comes down to it, you could pick up a part time work study job on campus and easily make at least that much a month through work. I've done it, and it's not that bad, plus working through work study on campus..you can network with professors and faculty (who you may need later on to write you a good letter of recommendation) and often times, I've been allowed to study while I'm at work, OR my professors understand my school schedules and allow me to take time off or change my schedule. Very flexible. Just something you might want to look into. I do Pell grants, other grants, 2 students loans, AND part time work every year just to keep my head above water while I go to school. It's hard, but you've made it this far. You can do it, just hang in there.

I color outside the lines

yeah. mine is almost 6,000 based on just my measly 22,000 last year. (I think it is like 35% of your income) I am turning 24, so I am "independant" now...after 6 years of living alone. The state is ridiculous, really. The thing with your expected family contribution though is that you can get financial aid and grants to pay that, not out of pocket. Although I am not able to get a PELL grant and I have no idea why. I never looked into the requirements, so I am going to have to.

tara b

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