<p>Hi all. I just finished the FAFSA and got a confirmation email with my estimated EFC. </p>
<p>Estimated Expected Family Contribution (EFC) = 00120</p>
<p>Can somebody tell me what this correlates to in terms of money? Thanks!</p>
<p>Your EFC has to do with federal aid. You’ll get almost a full Pell Grant…so somewhere between $5500 - 5000 per year. You may also get a $5500 loan. Any other aid is unpredictable.</p>
<p>Of course the Pell grant, Stafford loans, & other aid can not exceed your schools’ COA.</p>
<p>It means that your Expected Family Contribution is $120. If you subtract this number from the cost of attendance of the school you want to go to, that remainder will be what you can receive (max) in financial aid, or your need.</p>
<p>A school that promises to meet 100% of your need (there aren’t many of these, but if you’ve applied to an ivy league you’re in luck) will put together a package of grants and probably loans and work study. Most schools will not meet 100%, leaving a ‘gap’. That means a gap between your need and their financial aid offer to you. So your family could still be on the hook for thousands of dollars, depending on the school.</p>
<p>So maybe what we should say is that you’ll have to pay at least $120 for college. This is a very low number. Does it seem right to you? If your family income is very low, you have no income, and no one has any assets it could be right.</p>