<p>How do I know whether my efc is high or low? Also is there some way where I could actually estimate the dollar amount my family is expected to pay? btw my EFC = 03420</p>
<p>atlgrl, it’s really not possible for anyone here to tell you the exact amount your family will be expected to pay…but we can say it will be a MINIMUM of $3420 for the upcoming year. Most schools do not award financial aid to cover the EFC. Your EFC will make you eligible for a portion of the Pell Grant, and probably subsidized Stafford loans. Beyond that, financial aid amounts will be dependent on your schools’ policies.</p>
<p>Some schools guarantee to meet full need. If your are accepted to a school that meets full need, your financial aid will likely cover most costs beyond your EFC. BUT most schools that meet full need also require the filing of the CSS Profile which contains additional information about family finances (e.g. non-custodial parent income at some places, equity in your primary residence, etc).</p>
<p>Other schools do not meet full need. This means that the Cost of attendance minus your EFC will yield an amount they will NOT cover with financial aid in total. This is called a “gap”. </p>
<p>So…let’s use a made up example. If your school costs $20,000 a year, and you get $7,000 in financial aid, and then added in your $3000 (or so) EFC…you would have a total of $10,000 covered (financial aid plus your EFC) leaving $10,000 to pay for some other way.</p>
<p>This will likely vary from school to school and of course the cost of attendance at the school will be a factor in figuring out how much your family will ultimately be paying (including your EFC).</p>
<p>ok that makes so much more since, thanks!</p>