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THE EFC FORMULA, 2016 2017 What is the EFC? The Expected Family Contribution (EFC) is a number that determines students eligibility for federal student aid. The EFC formulas use the financial information.

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Your EFC number is a six-digit number leading off with zeros, representing how much you and your family are eligible for federal student aid.

Under this new appropriations legislation, the maximum Pell Grant award will increase from $6,495 to $6,895 for the 2022-2023 award year, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) will increase from 5,846 to 6,206.

I also want to emphasize that this is for one year of college, not all four years. You will be required to submit the FAFSA each year. A new EFC will be calculated for each year your child is in college.

How does EFC affect my financial aid? For example, if your college's total COA is $30,000 and your EFC is $12,000, you could expect to receive up to $18,000 in need-based aid, such as Pell Grants, subsidized loans and work-study programs.

Your EFC is calculated ing to a formula established by law and considers your family's taxed and untaxed income, assets, and benefits (such as, unemployment or Social Security). Schools use the EFC to determine your federal aid eligibility and financial aid award.

The student's EFC is determined by adding the student and spouse's contribution from available income to their contribution from assets and then dividing the sum by the number in college.

If your family has accumulated wealth and investments, your EFC can be high, even if your family's income is low. This includes checking and savings accounts, bonds and stocks, and even the student's 529 College Savings Plan. Some kinds of financial assets do not count toward your EFC.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232