My EFC is 000495. Does that mean my family is only expected to contribute $495 a year? And I know about subrating from the total cost of attending blah blah, Im just trying to figure out what that specific number is. The fafsa gave me a 6 digit number instead of 5. Not 00495, but 000495.
EFC is estimated family contribution. If 000495 is what it said, it would seem it is your family’s estimated contribution. I believe this will be in addition to student loans and work study so not your family’s total contribution.
A low EFC like that means that you will be eligible for some Pell Grant money, some subsidized student loans (rather than only unsubsidized student loans), and some federal work study money if your college offers that to students. It does not mean that your family will only be expected to pay $495 each year.
To get a good estimate of what a given college or university will expect your family to pay, look for the Net Price Calculator at that college/university website, and run your family’s figures through that. Very few places meet a student’s full need for aid. Most that do use the CSS Profile and/or their own financial aid forms in addition to the FAFSA.
You should check out the Financial Aid Forum here. There are some real experts there who can help you with this process.
Wishing you all the best!
No, that’s not what EFC means. It’s just a federal number to figure out what federal aid you’d receive.
What is your home state and where did you apply?