I got an email from FAFSA saying my EFC is 000704, what does that mean?
that your EFC is $704.
It means that you should get a Pell grant, the SAR (student aid report) should give you an estimate of the Pell grant amount.
You might qualify for state aid too.
EFC stands for estimated family contribution. After filing out the FAFSA your information is reviewed and your EFC was determined to be $704. That does not mean you or your parent’s have to pay that amount, it’s just a number that helps the college determine what types of aid and how much you are eligible for.
For example, someone with a $54 EFC has a lot more financial need than someone with a $54,000 EFC. Typically, the more income listed on the FAFSA, the higher the EFC will be. Since yours is $704, you should be eligible for a Pell grant and possibly some other grants as well. And of course student loans. But the EFC is basically just a number to determine the aid you get. It doesn’t really mean anything to the student.