I applied for my fafsa and got an EFC of 001509, Pell grant of $4225, and a stafford loan of $5500. What does my EFC mean and is mine a good number. Also if the cost of attendance is $35000. How much are my parents going to pay out of pocket.
Does your FAFSA include the details about your parental income? Do they have a low income?
In the context of FAFSA, EFC doesn’t really mean much other than how much (if any) Pell grant you will get and whether or not you qualify for subsidized loans and federal work-study. What really matters is the EFC that the college gives you.
Based on the numbers you have provided, assuming no institutional aid or outside scholarships, your out of pocket cost is $25,275. Keep in mind that the $5,500 loan, unlike the Pell grant, is not “free money,” because you will have to start repayment on it after leaving school (with interest).
Your college should have a net price calculator on its website. Run your financial numbers on that to get a decent estimate of what your net costs at the colleges will be.
If your parents are divorced, own a business, are self employed, own real,estate other than your primary residence…or you are an international student…the NPC might not be accurate.
Their combined income is like 60k
So run the info on the net price calculators.
Every college has its own formula for awarding need based financial aid. Your family income and your EFC do NOT provide an amount of aid that you will receive at every college.
So…you need to run the net price calculator for each school.
Did you ask your parents how much they can pay each year for 4 years?
Did you apply to any financial safeties?