Amount of Financial Need = (Cost of Attendance) – (Expected Family Contribution) So, if a school’s COA is $42,000 and the student’s EFC is $28,000, the calculated financial need is $14,000.
Similarly, When should I expect my financial aid award letter?
Typically, award letters will begin to arrive in March or April after you’ve received an accepted decision. The award letter will come around the same time as acceptance letters from your schools, typically around March or April.
Additionally, What is considered a high EFC? The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.
What does an EFC of 20000 mean?
EFC Determines Your Financial Need
So if the total COA (Tuition & fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family’s EFC from the FAFSA was $30,000, they would have $20,000 of financial need. This does not mean you will receive a financial aid package totaling $20,000.
What does my FAFSA EFC number mean?
Your Expected Family Contribution (EFC) is an index number that colleges use to determine how much financial aid you’re eligible to receive. … The EFC factors in your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security).
How do I get my financial aid award letter?
contacting the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) and requesting a copy be sent to you via U.S. mail (allow 10–14 days for delivery).
How long does it take to get my financial aid money?
Three to five days if you completed your forms online and provided an email address. Seven to 10 days if you submitted your forms online but didn’t provide an email address. Three weeks if you file a paper FAFSA.
Do financial aid packages come with acceptance letters?
Most colleges send out financial aid award letters around the same time as admission offer letters. However, the timing can vary from college to college depending on factors such as the date that you submitted your FAFSA form and the number of FAFSA forms the college received.
Is an EFC of 10000 good?
In a perfect world, all schools would meet 100% of a family’s financial need. So, if your EFC was $10,000 – no matter where you attend – you would know you wouldn’t pay more than $10,000 each year. … Most schools do not meet 100% of financial need for all of their students.
What does an EFC of 12000 mean?
For example, 12000 is $12,000. This means that the federal government (and colleges) expect your family to be able to reasonably contribute $12,000 per year towards your college expenses. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point.
What does an EFC of 50000 mean?
Here’s how: under the formula, the EFC is for the total family contribution, not per child. Even with an EFC as high as $100,000 (from income of about $200,000), after a 50/50 split the EFC is $50,000 for each child, less than the average cost of many elite schools.
What does an EFC of 24000 mean?
Say your EFC is $24,000 (for one year). At a public university that costs $23,000, you have no need, according to the FAFSA formula. But at a private college that costs $71,000, you do have need ($71,000 – $24,000 = $47,000), and you could receive an institutional grant.
What does an EFC of 10000 mean?
If by “EFC” you mean the one calculated from FAFSA, it is used to calculate Pell grant amounts; if your FAFSA EFC is below the maximum Pell grant amount, you get a Pell grant of the maximum Pell grant amount minus the FAFSA EFC. $10,000 is higher than the maximum Pell grant amount, so no Pell grant.
What does an EFC of 15000 mean?
What Does a High EFC Mean? Your EFC is the amount of money the government thinks your family can afford to put toward a student’s college education for that year. So if you have an EFC of $15,000, the government expects that your family can pay for that much of the college bill this year.
What does an EFC of 7000 mean?
Understanding Your EFC
This number is the amount of money that you and your parents can afford to pay towards college. … For example, if your EFC is $7,000 and the total cost of attendance for a particular college is $28,000, your total financial need would be $21,000.
How do I get my fafsa award letter?
How do I view my Student Aid Report (SAR)?
- selecting “Log In” on the FAFSA home page.
- entering your FSA ID; and.
- selecting “View or Print your Student Aid Report (SAR)” from the “My FAFSA” page.
What is financial aid award letter?
Financial aid award letters are created by each individual institution to provide information on the cost of attendance at the college for an academic year and to detail any grants, scholarships, work-study opportunities and loans the student is eligible to receive.
How do I download my Student Aid Report?
Once your Free Application for Federal Student Aid (FAFSA®) form or FAFSA correction has been processed, you can get a copy of your Student Aid Report (SAR) by logging in to fafsa.gov using your FSA ID and selecting the “View or Print your Student Aid Report (SAR)” option near the middle of the “My FAFSA” page.
How long does it take for a school refund to direct deposit?
When you see a refund transaction, the funds should be in your checking account within three to five business days. Again, it is important that you contact your financial institution to verify the deposit prior to writing any checks or attempting to withdraw the funds.
How do I receive my FAFSA money?
Grants and Student Loans
Generally, your school will give you your grant or loan money in at least two payments called disbursements. In most cases, your school must give you your grant or loan money at least once per term (semester, trimester, or quarter).
Does FAFSA go into my bank account?
Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.
What is a financial aid award letter?
Financial aid award letters are created by each individual institution to provide information on the cost of attendance at the college for an academic year and to detail any grants, scholarships, work-study opportunities and loans the student is eligible to receive.
What does it mean when your FAFSA is processed successfully?
Once your FAFSA form is successfully processed, you’ll receive a Student Aid Report (SAR). … Financial Aid Award Letters contain school-specific information about how your federal aid eligibility compares with the cost of attendance (COA) and other forms of aid that might be available at that particular school.
What does each financial aid award letter include?
In general, each financial aid award letter explains: The cost of attendance (COA). Your COA is an estimate of what you will pay for one year of school, including tuition and fees, room and board, books and supplies, and transportation. Your expected family contribution (EFC).