<p>So... i submitted FAFSA today and i got an EFC of 38252. Does this number indicate the amount of money we can afford? or wat is it? -___-
On the confirmation page, it says that EFC index is just a number that colleges use to find out my financial aid... so i guess EFC number tells me nothing about how money i wil hav to pay?</p>
<p>The EFC is the expected family contribution. This is the FAFSA calculation for what your family contribution this coming year will minimally be for college for your child.</p>
<p>The EFC IS minimally what you will be paying. </p>
<p>If your child’s college costs $35,000 a year, your EFC indicates that you will not receive need based aid as your EFC is in excess of that amount.</p>
<p>Some schools do not meet full need anyway. The EFC is the MINIMUM amount you can expect to pay.</p>
<p>For example, if your child goes to a college where it costs $48,000 a year, but they don’t guarantee to meet full need (an expensive OOS public, for example), you might be paying that full $48K.</p>
<p>If your EFC is $38,000, it is very likely that you will be expected to contribute that much at least to college.</p>
<p>NOW…if your child attends a college that only costs $25,000 a year…that is “all” you would be paying. But you certainly would not get need based aid, as your EFC is in excess of the cost of attendance.</p>
<p>Well yes and no. The EFC is used to determine your need. If your EFC is higher than the COA of the school then you have no “need” so will get no need based aid. If your EFC is lower than the school’s COA then the difference is your “need” (COA less EFC = need). However having need does not mean the need will be met. So the EFC is generally the minimum you will have to pay.</p>
<p>For instance with a COA of 38,252 if the school COA is $30,000 you have no need because your EFC exceeds the COA. If the school COA is $40,000 then your need is is $1,748. For schools with only federal aid that need would be met with loans. Only the most generous schools will award much in the way of ad with such a high EFC, and they will mostly require CSS in addition to FAFSA.</p>
<p>For instance with a COA of 38,252 if the school COA is $30,000 you have no need because your EFC exceeds the COA.</p>
<p>I think swimcat meant…For instance with an **EFC **of $38,252, if the school’s COA is $30,000, then you have no need because your EFC exceeds the COA.</p>
<p>All these acronyms…it’s hard to keep them all straight! :)</p>
<p>If your EFC is that high, then you can pretty much expect to have to pay for nearly all or all of your child’s education - with the exception of some schools that might throw in a grant or something. </p>
<p>For instance…say the school has an EFC of $50k and your EFC is $38k, then supposedly your “need” is $12k. But that doesn’t mean the school is going to hand you $12k. </p>
<p>It could mean the $12,000 need will be covered with something like this…</p>
<p>$5,500 Stafford loan
$2,000 student contribution</p>
<p>leaving $4500 as a gap…or, if you’re lucky, $4500 as a grant.</p>
<p>If your EFC is not affordable, then hopefully your child applied to some financial safety schools which are either cheap enough to pay for or give good merit scholarships.</p>