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How do you calculate your EFC?
The student’s EFC is determined by adding the student and spouse’s contribution from available income to their contribution from assets and then dividing the sum by the number in college.
What does an EFC of 14000 mean?
So, if a school’s COA is $42,000 and the student’s EFC is $28,000, the calculated financial need is $14,000. While your Expected Family Contribution will not impact non-need-based awards (like merit scholarships), the need-based aid you receive won’t exceed your EFC.
What is a typical EFC?
The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
Are EFC calculators accurate?
Your EFC result won’t be as accurate, but it should be in the ballpark. The purpose of the EFC Calculator is to give you a general sense of your eligibility for financial aid to help you understand how much college may cost you.
What does EFC of $10000 mean?
Most schools do not meet 100% of financial need for all of their students. If your EFC is $10,000, your financial aid package may still require you to pay $12,000, $15,000 or $20,000, depending on the tuition and expenses each college charges.
What is my Expected Family Contribution (EFC)?
This tool calculates your EFC, a measure of your family’s financial strength. Colleges and states use this number to help determine your financial aid award. Students and their families are expected to contribute to the cost of college to the extent that they’re able. Use this 2022-23 academic year Expected Family Contribution (EFC) Calculator to:
What does EFC stand for?
/Expected Family Contribution (EFC) Calculator Expected Family Contribution (EFC) Calculator This Expected Family Contribution (EFC) calculator helps in estimating the student and the family’s contribution towards the cost of attending college for an academic year.
What is the difference between the total cost and EFC?
The difference between the total cost and the student’s EFC is considered the student’s financial need and the amount of aid you’re eligible to receive. If you have a specific college in mind, you can get a more accurate estimate of your real cost by using the net price calculator on its website.