This what our FAFSA said “Estimated Expected Family Contribution (EFC) = 068847” . Can someone please explain the significance? Thank you
Your family is expected to pay that amount next year for school. It likely means that you will get no financial aid beyond possible subsidized loans and a PLUS loan.
EFC is the amount they think your family can afford to pay for your college education. If the CoA is lower than your EFC, you will not get any aid. If your CoA is higher than your EFC, you may get some financial aid. If you go to a need met school, then you would be likely paying close to your EFC after aids. With $68k plus in EFC, you are paying full price at most schools.
068847
$68,847
that means that either your family has a lot of assets or a high income…or you made a big mistake on your FAFSA.
With that EFC, your family income would need to be well in excess of $200,000 a year. Is it?
I think it means the computer says no, no aid for you.
Thanks everyone! Yeah…I think we need to relook at our submission because, no, our income is not that high! Appreciate it!
Do you have high assets?
Did your parents have a high 401k or retirement contribution?
Did you accidentally put your parent’s income under the student section.
Or did you list your assets in more than one place…or parent income in both the student and parent section?
Did you list the equity in your primary residence? Did you include the balances in your retirement accounts as assets?
Did you put the decimal point in the wrong spot making something like $2000.00 into $20000.00