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Expected Family Contribution (EFC) CHAPTER 3 The EFC Is A Measure Of How Much The Student And His
Get Expected Family Contribution (EFC) CHAPTER 3 The EFC Is A Measure Of How Much The Student And His
The EFC is calculated according to a formula specified in the law. In this chapter, we describe the EFC formula in detail. General Information A Basic EFC formulas Every year the Department publishes updated tables used in the EFC calculation. The 2007 08 updates are in the May 31, 2006, Federal Register, which was posted on July 17. Also available at www.ifap.ed.gov is the EFC Formula Guide. Special calculations The law provides three different formulas to calculate the EFC: one for d.
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A2 FAQ
The Expected Family Contribution (EFC) is a measure of your family's financial strength. The U.S. Department of Education calculates your EFC ing to a formula established by law. The formula considers your family's taxed and untaxed income, assets, and benefits (such as, unemployment or Social Security).
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.
Expected Family Contribution (EFC) Your EFC (2023–24 FAFSA form) is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The information you report on your FAFSA form is used to calculate your EFC.
Use of the expected family contribution Generally speaking, the lower the EFC, the higher the financial aid award will be. Zero is the lowest EFC number (indicating that the family cannot afford to pay anything) and 999,999 is the highest.
The EFC for a dependent student is calculated using the FAFSA data for the student and his parents. The CPS calculates the parents' contribution (which includes their assets), the student's contribution from income, and the student's contribution from assets; the EFC is the sum of these three.
Expected Family Contribution (EFC) Your EFC (2023–24 FAFSA form) is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The information you report on your FAFSA form is used to calculate your EFC.
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