What Do I Do If My EFC Is Too High?

How do I lower my EFC score?

Legal Ways to Reduce Your Expected Family ContributionMaximize Household Size.

The larger your household size is, the lower your EFC will be (in most cases).

Increase College Attendance Among Family Members.

Wait Until the FAFSA Considers You Independent..

Why did my EFC go down?

The EFC can change drastically from year to year. For example, if your family experiences financial hardship, such as a job loss, or if a sibling enters college while you’re in school, your EFC may go down. If your family’s financial situation improves, your EFC may go up, too.

What is an average EFC score?

The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000. There is no cap on EFCs so some very wealthy families will have EFCs that exceed the cost of an expensive private university.

What is the max income for Pell Grant?

Most Pell Grants are awarded to students whose families make less than $30,000 annually. Some Pell Grants are awarded to students whose families make $30,000-$60,000 annually. It’s possible but rare for students to be awarded the grant if their families make more than $60,000 annually.

What is the highest EFC number possible?

999,999Use of the expected family contribution Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.

What is the maximum EFC to get financial aid?

Although there are no FAFSA income limits, there is an earnings cap to achieve a zero-dollar EFC. For the 2020-2021 cycle, if you’re a dependent student and your family has a combined income of $26,000 or less, your expected contribution to college costs would automatically be zero.

What if my EFC is high?

If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. In those cases, the government assumes your family can afford all the costs of college.

Is it better to have a higher or lower EFC?

Generally the lower a family’s EFC number, the more likely a student will receive financial aid.

What is a bad EFC?

Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all. … Even though 500 is a fairly low EFC number, if your family already lives on a tight budget, finding an extra $500 may seem impossible, making it a bad EFC number.

Is the EFC a dollar amount?

According to the FAFSA official site, “The Expected Family Contribution (EFC) is a measure of your family’s financial strength, and is calculated according to a formula established by law” The EFC will be expressed as number equivalent to a dollar amount. For example, 12000 is $12,000.

How can I lower my income for fafsa?

Reduce adjusted gross income through exclusions from income that are not reversed by the financial aid formulas, such as the student loan interest deduction, tuition and fees deduction, employer-provided health insurance, health savings accounts, and flexible spending arrangements (cafeteria plans).

What is a high EFC on fafsa?

A high EFC score means your student will receive less need-based federal financial aid to attend college. The closer you can get to zero, the more federal dollars you’ll have access to for paying for college.