<p>I don't know about how other schools do it. But at my school, Northwestern University, the FAFSA EFC is not used in any financial aid calculation. It is required only for federal loans and work study. Any grants and scholarships that isn't federal is calculated from CSS values, w2s and tax forms. The fafsa is essentially ignored.
But even though they don't use it for calculations they will notice if fafsa calculates a need of $0, and then they will do the calculations by hand and essentially give you only private loans.</p>
<p>Yes, only certain ethnicities qualify for the Gates scholarship, not necessarily URM because I'm asian.</p>
<p>I'm a rising HS senior, and my EFC is around $25,000 (I think). My parents (combined) make around $100,000 a year, so they almost jumped out of their skins. While I know this is nothing to complain about, I'm wondering if this sounds right based on their income? My guidance counselor(s) weren't any help (not very knowledgable about the whole process), and I know that it would be extremely tough on my parents to pay this kind of $ (I do have one younger college-bound sister at home, if that's a factor at all), so I'm hoping that my EFC is lower. (BTW, I'm applying to (pending some visits) Vanderbilt, Duke, U of Chicago, Princeton, Harvard, Williams, Georgetown, George Washington, and U of Florida (as safety).). Any answers/advice/response would be appreciated :-)</p>
<p>Yes, that sounds about right. Colleges are not expecting parents to pay from income alone, they expect parents have saved.</p>
<p>The schools you are applying to also use profile. That means if your parents own a home, tha EFC will generally be higher. </p>
<p>If your parents can't pay $25K plus, you need to be looking at different schools.</p>
<p>I agree with college kid about the preliminary #'s. Unless you have some extenuating circumstances (your parents are caring for their elderly parents, unreimbursed medical expenses, paying for private high school for your younger sister, etc) your EFC is likely to go up once home equity, any rental property, etc. gets added to the equation.</p>
<p>I would suggest running your # through a series of financial aid calculators.</p>
<p>Princeton's and Williams are pretty accurate (I don't think princeton counts home equity so the # between these 2 schools wil be different).</p>
<p>I would also suggest running your #'S through the financial aid calculator on the college board's website (use both the federal and the institutional methodology).</p>
<p>If you have the stats, you could be in line to get some merit romey from vanderbilt, duke (I would also add rice to this list). Getting merit from chicago is few and far between, GWU is one of the most expensive colleges inthe country with less than stellar FA.</p>
<p>I filed and was approved for and independancy appeal. My efc for 2006-07 was 368 my efc for 07-08 is 4200. I have no parents and am only 22 can someone help me understand why there is such a big difference between the two years?</p>
<p>ConfusedGSU -- your EFC is based on income and assets, yours and your parents. If you are independent, then just your assets and income will count.</p>
<p>the problem you will have is that at the age of 22 and no dependents, you have very little income/asset allowance. I am guessing that you worked a job that was not work-study last year? </p>
<p>What did you indicate as your income and assets when you filed the FAFSA?</p>
<p>Well just so you know having a $0 EFC doesn’t mean you’re “poor”. For instance, I am a single mother of 2 kids, I make decent money (about 2000/ month) But because of my income last year (which was a little lower) and my family size (me and the kiddos) it just averaged out that way. NOW on the other hand, I do go to an online school where things are less strict (but sometimes more expensive) I just graduated and I paid $1,700 upfront (payments) and the remainder of the $35,000 was covered by a Pell grant, partner grant and two loans one subsized and one unsubsized. I haven’t gotten the payments (YET) for these loans, but while I was in school, every “semester” I would get about $700-$2000 back in refunds (depending on the cost of the courses/materials). Take what ya want from that info…I’m not too familiar with financial aid…just how mine worked out :P</p>
<p>All the EFC does is qualify you for a Pell Grant if it is low enough. The rest is entirely up to the school where you are accepted. If the cost of the school warrents it, you can get subsidized Stafford loans as well. If the school subscribes to Perkins and Seogh programs, you may get some more loans and funds. But that’s up to the school. If the school is in a state that gives money based on EFC, you may get some funds from there. </p>
<p>If the school uses FAFSA alone to determine your need, you may get some funds from them. Schools that use just FAFSA do not tend to meet full need. Those schools that do, want even more information usually.</p>
<p>A low EFC means that your family does not have much money, does not make much money. It means that they cannot afford to pay much towards college. That is not a good thing. However, if you are accepted to a school that is generous with financial aid and their need analysis shows your need as they define it to be in line with the FAFSA EFC, you might get a big portion of your college costs paid by the school.</p>
<p>Why do people bump threads that are two years old already?! Congrats on your degree, ktjensen!</p>
<p>What is a good EFC for grad school? Mine last year was 70,229 for my undergrad and I received plenty of aid (cost of attendance for my undergrad was about $20,000) but I am worried I will not get enough aid for grad school. The total cost to attend my grad school is $75,000. Any thoughts??</p>
<p>Usually, grad school aid is not need-based…it’s merit based.</p>
<p>It’s the amazing resurrecting thread! It comes back every year or two. </p>
<p>Based on Katev’s post she must have merit aid for UG as well. 70K EFC and she got “plenty of aid”.</p>
<p>I searched on EFC and zero so maybe that is what the resurrecters did? LOL.</p>
<p>This whole Fin Aid process baffles me because our family is in what the federal government considers the top 5% of earners in USA. But, due to heavy losses in our home building business (go figure! be nice for the current admin to improve things…but that is a whole other topic), we had negative income and zero taxable income. That gave us a zero EFC for kid in 2nd year of community college and a $202 EFC for incoming freshman to we don’t know where yet. </p>
<p>I am dying to find out if we get aid because, unless we sell another property this year that has been on books for 4+ years, we will show large income for 2011 and not get aid again. I really feel for those that have no other means than loans to go to college. I think after all the hard work to get through college there shouldn’t be a mountain of debt on the other side! That is why our first kid decided on CC for two years. Saves huge money and the only college on her resume will be the four year she graduates from. I know it is a different experience but so far, for us, it is a win/win.</p>
<p>is an EFC of 1884 good ? I still dont understand that…does that mean my parents only pay that much every year? nothing else?</p>
<p>
Not really. Unless you are going to one of the few schools that promises to meet full need without loans (usually very competitive schools such as the Ivies), or to a very inexpensive school.</p>
<p>The EFC is used by schools to determine your eligibility for federal aid. But federal aid is very limited and will not cover the cost of even most 4 year state Us.</p>
<p>With an EFC of 1884 you will be eligible for some pell grant money. Probably between $3000 to 3800 ish (the actual budget is not set for next year yet and currently there is talk of reducing the current maximum Pell of $5550). That is about it for federal grant aid (ACG is gone, SMART is gone, SEOG is often awarded only to 0 EFC students - and the govt is talking about cutting that program as well). Any other federal aid would be loans or possibly some work study. Any other aid would depend on the school and if they offer institutional grant aid, and possibly on your state if they have need based aid programs.</p>
<p>many schools do not promise to meet full need.</p>
<p>Hi! Just wanted to know if a EFC of 04879 is good? I will be going to community college and full time cost is like a flat 2k.</p>
<p>With an EFC of 04879, you will be awarded $700 in pell (350 per semester). </p>
<p><a href=“http://uafs.edu/sites/default/files/2012-2013%20Pell%20Chart.pdf[/url]”>http://uafs.edu/sites/default/files/2012-2013%20Pell%20Chart.pdf</a></p>
<p>What state are you from? Do they offer state aid?
You will be eligible for $5500 (3500 subsidized) in direct loans. If your state does not offer state aid, you will have to take out loans to attend community college.</p>
<p>Yes, this is an old thread that keeps coming up, as does the question. What is a good EFC? A zero EFC gives you the maximum amount of PELL money, so in that area that is the BEST EFC. But that means your family income and assets are very low. Is that a good thing? </p>
<p>So if the question is based purely on the narrow basis of being eligible for federal money, a zero or low EFC will give you more in that area. You will also likely get financial aid from those schools that tend to give it, and full need met (though further forms may need to also be filed) at some schools. But unless your famili has money buried in the yard or great grandpa funding the show, it means that money is very tight in your life including in areas involving necessities.</p>
<p>An EFC of 99,999 is best because that means you can afford any college out there…</p>