What does my EFC mean?

My EFC is 4341, what does that mean?

• I AM SO CONFUSED! My parents DID go to universities, but not in this country. So, I have no one to help me. I know that EFC means Expected Family Contribution. Contribution for what? Tuition fee or yearly? Do you pay tuition yearly, too? What do you pay for every year!? Damn it, I'm losing my mind! Can my EFC go any lower?

• Answer:

  An EFC is an Expected Family Contribution. What that means is, all things considered, your parents should be able to pay about $4341 toward your education. That doesn't mean your parents have to pay $4341/year. What it means is that the Department of Education (the people that processed your FAFSA) will contact your school with your EFC. Based on the cost of education at UCR, they will determine how much you are eligible in various grants and loans. For example: If the cost of education (living/books/fees/tuition/other) is 12000 a year at UCR and your EFC is 4341, you will be eligible for 7659 in federal aid. You will probably not be eligible for grants and if you are, it will not be much. However, you should be able to cover the cost in loans and any scholarships you have or get, work-study, or other aid from the school. (You can take out more in loans if you choose, but be careful - they add up.) Your next step is to contact your Financial Aid Officer. I posted a link for the financial aid website, too. S/he can help you with any questions you have, but keep in mind that they process thousands of applications. You just got your EFC instantly, but it will take a while to process your award package on their end. I also posted a link to the tuition and fees at UCR. How much you pay (and how much financial aid you get) depends on your courseload. I hope this helps!