Unusual circumstances can also lower the EFC — loss of employment, loss of child support, divorce, death, or medical expenses not covered by insurance, for example. The EFC will then be subtracted from the cost of attendance COA of the college or university to determine your financial need. Eligibility for most federal, state, even local and institutional aid programs are based on this number. Like we said above, if you have a low number, your college will work with you to obtain the need-based finical aid offered to you.
If you have a high number, you need to consider other options. The lower your score the better your chances for financial aid which usually consists of grants and self-help loans adn federal work study. Learn about what financial need met means and how your EFC number integrates into a percentage formula. Even families with an EFC of Zero can end up with a funding gap. But at the same time the school may choose to provide a very low percentage of financial need.
Unfortunately the actual financial aid awards can vary because the average need met is an average number for the student population incoming freshman and upperclassmen at the school. They joined our Coaching Program where we prepared their appeal. The family was totally unaware of this need met percentage assuming with a zero EFC their out-of-pocket costs would be minimal. You will be guaranteed a Stafford Loan; it will probably be a subsidized Stafford that provides better loan provisions up to the maximums listed below.
Stafford Loan eligibility differs from Pell Grant as you only have to be enrolled or plan to be enrolled half-time. It is important to determine if there are any early deadlines for the CSS Profile.
For CSS Profile make sure you file before the schools Priority Aid Deadline date which is the day the college starts building financial aid packages. Schools process incoming freshman packages first then move on to upper returning students. You may be able to get a job off-campus or a higher-paying position on campus and make money above what the work-study position offered. However, you must be disciplined enough to apply your earnings toward tuition and fees. This decision is difficult for students who have their hearts set on attending a specific college.
If the amount of money you receive in federal financial aid covers a significant portion of your school's tuition and fees, you may have better luck getting the additional funds covered through your school's financial aid department than if you would still owe thousands of dollars after federal financial aid is applied.
Overall, there is no such thing as a bad EFC number as long as your family can afford to pay or cover with scholarships the EFC and whatever the difference is between financial aid and tuition.
Regardless of your EFC, it is important to find ways beside federal grants to pay for college. Seek out colleges that guarantee to cover a student's full financial need or, if you have a low EFC, seek out scholarships that consider a student's financial need before awarding the scholarship.
Ways to Make Your EFC Number Better Your EFC number is factored by taking into account family size, including the number of family members currently enrolled in college, parental income and assets and student income and assets.
If you plan in advance, you may be able to slightly lower your EFC by: Paying off debt Not placing savings accounts in the student's name Reducing assets by purchasing big ticket items before the FAFSA is filled out Having grandparents, instead of parents, establish college savings plans Enrolling more family members, such as parents, in college. Choose a Different School This decision is difficult for students who have their hearts set on attending a specific college.
EFC Tables and Data. Info to Record on a Wine Tasting Scorecard. Amount of Money Made by College Graduates. Scholarships for Future Teachers.
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