I was wondering about the FAFSA EFC - i finished my FAFSA application with my mom, and i received an email saying "your EFC is XXX). What does this mean? What is an amount that is considered too high for any aid, if there is such? Would that disqualify me for any other aid aside from need-based?
Thanks!
The EFC determines your Federal grant eligibility. You will not get a Pell grant if your EFC is above ~$5500. Your schools will also determine whether you can get subsidized loans based on the number, but other things go into it too like the cost of attendance, other financial aid. Many schools use the FAFSA information to grant their own aid or state aid.
There is no set number for receiving ‘no aid’ but the higher the EFC, the less likely to receive need based FA.
Thank you - is merit aid separate? I’m not sure i would qualify for any aid but I thought I would try. My EFC is much higher than 5500. Do the colleges see your EFC to determine any merit aid? I have some friends who said they received $20,000 and $25,000 from schools and I thought their parents seem pretty well off to not need any aid. So I’m a little confused how schools determine these amounts. Thanks.
oh and also I’ve been reading the postings here, and some people say their parents’ EFC is 11,000 and some say it’s 20,000. How is it possible that mine says 232229 - is this possibly a mistake?
There is no upper limit on EFC if your family is wealthy.
Do colleges look at the EFC in determining any type of merit aid or is this completely separate?
@caligirlsd it depends on the school and even the specific award. Schools with automatic merit (based on stats or National merit) don’t consider EFC but some top school offer no merit at all.
been reading the postings here, and some people say their parents' EFC is 11,000 and some say it's 20,000. How is it possible that mine says 232229 - is this possibly a mistake?
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You do understand that different families have different income and assets, right?
If you look at enough posts, you’ll see some with EFCs that are much, much higher than yours as well.
Run the NPC on each of your schools’ websites. Have your parents look at the results because some may include huge loans that your parents won’t do.
Just because no one’s asked yet – do your parents have high incomes/assets? If your family makes like $40k/yr and has no additional assets/businesses that would affect the calculation, you could have filled out the FAFSA form incorrectly. But if you’re well off it could also be the correct number. All depends on your situation.
Are you saying your EFC is 232229?
Your income would have to be VERY high…like well over a million dollars a year for that to be your FAFSA EFC.
Or your family would need to have a very high amount in assets.
Did you type something wrong here?
@caligirlsd if your family income isn’t that high…and you don’t have a LOT of assets…ypunneed to look at your FAFSA and see if you made a mistake. Here are some common ones:
If your EFC is over 200K you would know about it. Your parents wouldn’t even be filling in Fafsa. If you are ballparking it based on misinformation or error, you should talk to your parents, you have a non custodial father? Is this ballparking based on 2 households? You do go to a private prep boarding school? That is paid for by your parents?
Aid depends on what the college has in the coffers, in the first place. Same student could get generous aid at one school and none at others. That’s why you run each college’s net price calculator, assuming your family has no self employment, divorce, etc.
Likewise, merit depends on each college’s criteria.
You need to bone up on what’s what. If your family in not high income and/or assets, check for errors.
Some colleges will also require the CSS Profile, a form that looks more deeply.
on another post you wrote:
Are your parents still married?
If yes, are they separated due to work and still live their lives as a married couple or is it their intent to divorce?
When you filed the FAFSA, did you include both of their incomes?
If your parents are no longer married or legally separated/intending divorce then you would only file the income/assets of your custodial parent, which would be your mom.
If you are filing with just your mom as the custodial parent, then you must include her share of the equity in California house as an asset, since that is not your primary residence. Any alimony/child support paid by your dad must go on the FAFSA.
If your parents are married, with the intent of staying married, then both of their incomes will go on the FAFSA and the equity California home would be an asset. If this is the case, it could very well explain the reason for your high EFC.
Thanks for all your help. Yes, I made a mistake! Are there any tips for correcting it?
In a few days when the FAFSA processes you can go in and make a correction.
I don’t know if assets can be corrected after submitting though. So you might have to contact the colleges.
If you tell us specifically what the mistake was, you will probably get more constructive assistance with how to correct it.
Just keep in mind…with married parents…one of those homes you own will be considered an asset (the equity in that home).
Ok thanks - here’s where I think i made a mistake. In the section that asks for savings, assets, retirement for parents, I put in the amount including the retirement, IRA, and 401. I didn’t realize that and saw thumper1 what you said about not including any retirement related info. also, my dad and mom are separated. My dad lives in CA and he has a house there. My mom lives in MA and has a house here. I added both homes and also added both income. I think i’m only supposed to add my mom’s info, which is not much. Can I still correct it? Thanks again!
@caligirlsd are your parents separated in the sense of heading towards a divorce? Or are they just physically separated for work or some other purpose?
The primary home value is not considered on FAFSA.
Also if your parents are separated in the sense of not living together as a couple anymore, not just separated by distance, then only the info of the parent you lived with more in the last year, needs to be reported.
So if your parents filed taxes jointly in 2016 your mom would need to separate out her share of the income. And if your parents jointly own the house in CA, she would have to report half of the value in assets.
Also the balance in qualified retirement accounts does not need reported, but what your mom contributed to a pretax retirement account like 401k in 2016 is reported on question 94a on the FAFSA as untaxed income.
So share that information with her and have her help you with the correction.