<p>I just completed my fafsa. My parents can't read English well so you know, me being the child going off to college, I completed the entire thing (I hope I did it right, it was stressful to top it off with school work, extracurriculars, and a job).</p>
<p>My EFC is around $3,700</p>
<p>but I'm confused, the higher the EFC, better? or the lower, the better?</p>
<p>Well for financial aid purposes lower is better. EFC is the estimated family contribution and is what they estimate your family can pay towards college. If you have any questions about the form ask on CC - lots of people willing to help.</p>
<p>Well, it depends on how you look at it. If you are accepted to a school that will meet your entire financial need, then the $3,700 EFC is great. That's all your family is expected to contribute. However, if your school does not meet all need, which many schools don't, and all that your family can really afford is $3,700, it means that you are going to have to make up the difference with loans, jobs etc. All this is assuming that you filled the forms correctly.</p>
<p>Lower will likely get you more aid. My EFC is 0.</p>
<p>Lower doesn't necessarily get you more aid
At a school that meets 100% of EFC, you will receive an aid package of any combination of loans, grants and workstudy.
Some schools may just give you subsidized loans- which are good ( govt pays interest while you are in school)- not as good as grants- which you don't have to pay back- but better than private loans which will probably start charging interest right away.
Some schools, may have addtional forms which can reveal either additional expenses to be considered as well as additional income.
THis has resulted in students who had applied to schools that met 100% of need, discovering that the school was using a higher EFC than FAFSA.
Additionaly, while no one likes to think about it, many/most schools actually gap- between your EFC and their aid offer, particulary if they don't have a great deal of merit aid. :(</p>
<p>EK4's Average/recommended amount of loans upon graduation- not more than than $22,000 for a BA.
lower is better ;)</p>
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Lower will likely get you more aid. My EFC is 0.
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<p>to piggyback on EKs comments:</p>
<p>Not necessarily true, because very few schools are need blind (if a school is at the end of their financial aid allocations and chosing between you and another similiarly qualified applicant, that person needing "less" aid than you would get the tip)</p>
<p>the overwhelming majority of schools do not meet 100% demonstrated need. theose that do not meet 100% of demonstrated need, gap which means that you must come up with the rest of the $ the best way you can.
the ones that meet 100% DEMONSTRATED NEED with a large protion of grant aid, are amongst the most competitive as far as admissions.</p>
<p>what your "0" efc will get you is:
the maximum pell grant (approximately 4000 depending on the cost of your school)
the maximum subsidized stafford loan (3500 for freshman)
federal workstudy (the amount depends on the school)</p>
<p>this is the only "sure thing" that you will recieve with your "0" EFC. If your cost of attendance (tuition, room, board, misc expenses) come in at this amount then yes all of your cost are covered. at most schools this will not make a dent.</p>
<p>At some (not all) schools your "0" EFC could get you (individual mileage may vary)</p>
<p>possibly a 4000 perkins loan which are allocated to those with exceptional need (not all schools give them)</p>
<p>some state grants from your home state (you would have to check with other schools regarding reciprocity agreements.</p>
<p>an additional 4000 unsubsidized loan (if your parents are not eligible for a plus loan)
SEOG (depending on funds availbity from the school, not all schools have funding)</p>
<p>overall having a "0" EFC is not necessarily a great thing!</p>