my EFC number is 079723
what does this mean? how much aid am i likely to get with this number?
It means no Pell grant for you, and likely only unsubsidized loans if applying to fafsa only schools.
great…so am i liable to get anything?
You would get any merit aid available from the school or state. You are eligible for unsubsidized loans. That number just means that the federal funds available to low income students are not available to you, and you missed by a lot ($79,273 when the pell grant go to those with EFC of approx. $5800 or less).
What we’re you thinking you’d getforneedbasedaid?
With. federal EFC of $79k, you will most likely be full pay at pretty much every college in the country
What are your stats. There may be schools were you are a viable candidate for merit money
How much are your parents willing to pay for you to go to college?
Maybe you entered the amounts wrong. What is your parents’ Adjusted Gross Income from the 2015 1040?
Did you enter parent income or assets in student section?
I think something is wrong with the calc. that is a very high number. Just about the highest I have seen of people on this board. Income would be well over $300K i think. And if that is true then I doubt the poster would honestly be expecting too much FinAid. As was said, it your EFC is that high then all you would be entitled to would be the subsidized Stafford loans.
From another thread:
I think you made a mistake. Go back and check every number.
It means your Expected Family Contribution is $79,723.
How much did you put for assets?? Sounds like they have a lot in assets.
Did you accidentally put your parents’ income in the student section?
If that EFC is correct, you won’t get any aid anywhere…except for a $5k loan.
You’d need to apply where your stats get merit scholarships.
BTW…do your parents own a business? Some of your schools use CSS profile and they will look at everything.
How much will your parents pay each year?? Ask them.
Do you have any schools on your list that will give you large merit? If not, then add some in.
I think you meant to say unsubsidized, not subsidized.
@BelknapPoint Yes. thank you for that correction.
We just did the FAFSA (because my D was going to apply to a college where she would get guaranteed merit and they require FAFSA). Our EFC was $89K, imo primarily based on assets.
^^^
Not true.
We’ve seen EFCs that are $99k several times. And now that the ceiling has been removed, we’ve seen EFCs that are higher than $99k.
Someone with an income of $300k would have an EFC of $99k+.
I suspect that either the student made a mistake regarding income or has lots of assets. May have put income twice and/or put income in student section.
This student family income is over $160k-$180k…and if they is before taxes, the net income is a lot higher. In addition, we don’t know about any assets this student or family might have. Until that is clarified, there is no way to know if this $79k EFC is accurate…or not. If there are significant assets, this could have a huge impact on EFC.
But it doesn’t really matter if the FAFSA EFC is off by $20k or in this case $50k - he is so far from being Pell eligible that it is not going to matter if an asset was entered incorrectly. If the student expected an EFC of $10k off parental income but got $80k, then a mistake was probably made. If the student expected $50k as an EFC but got $79k, I’m not sure a mistake was made, just a miscalculation on the student’s part.
If family income is $160,000, then the EFC would very likely be $50,000 and that doesn’t include adding in any money based on assets…at all.
To this OP…were you hoping to get need based aid? And if so, how much were you hoping to receive?
Thanks for all of the comments. Our income is only about 170k before taxes, so I think my parents must’ve made an error when putting in all of the info…
@thumper1 my parents are both over 60 and hoping to retire soon, but the only way they would be able to pay for my college tuition at a private university would be to use their retirement funds. because of these circumstances, i was hoping to get much more financial aid than my EFC has shown