EFC question (financial aid--FAFSA)

(Please Ask Questions and Answer Questions)
katiecakes
Posts: 8
Joined: Sat Jan 05, 2008 2:47 am

EFC question (financial aid--FAFSA)

Postby katiecakes » Sat Jan 26, 2008 11:05 pm

How do I figure out what the number the FAFSA gave me for my EFC means in terms of how much aid I will be getting? Or does anyone know a website that gives this information (NOT how to figure out my EFC, but what it means??)? Is it the dollar amount I'm supposed to be contributing towards my eduacation?

I'm sorry if this is posted somewhere else, but i couldn't find the answer to my question anywhere (all I could find is worksheets to figure out my EFC--but I already know it)...

User avatar
vtjas81
Posts: 32
Joined: Tue Mar 13, 2007 6:11 pm

Re: EFC question (financial aid--FAFSA)

Postby vtjas81 » Sat Jan 26, 2008 11:30 pm

Yes that is the amount you're expected to contribute. They calculate total costs, subtract from your EFC and that is what you get in loans

hbb
Posts: 33
Joined: Sat Oct 06, 2007 4:12 pm

Re: EFC question (financial aid--FAFSA)

Postby hbb » Sat Jan 26, 2008 11:33 pm

Is it the dollar amount I'm supposed to be contributing towards my eduacation?


Yes: this is your Expected Family Contribution. This will determine the amount of need-based aid you will be eligible for, such as Perkins Loans and Subsibized Stafford Loans. Some schools may also use this information to determine your eligibility for need-based grants or scholarships funded by the school. Your EFC will have no effect on the amount of funding available to you in the form of Unsubsidized Stafford Loans and Direct PLUS loans, which are not need-based.

katiecakes
Posts: 8
Joined: Sat Jan 05, 2008 2:47 am

Re: EFC question (financial aid--FAFSA)

Postby katiecakes » Sat Jan 26, 2008 11:34 pm

so that's the actual dollar amount? no added zeroes or anything?

hbb
Posts: 33
Joined: Sat Oct 06, 2007 4:12 pm

Re: EFC question (financial aid--FAFSA)

Postby hbb » Sun Jan 27, 2008 12:00 am

The number is whole dollars. EFC: 234 would be an Expected Family Contribution of $234.00.

User avatar
msumike75
Posts: 50
Joined: Fri Jan 04, 2008 10:51 pm

Re: EFC question (financial aid--FAFSA)

Postby msumike75 » Mon Jan 28, 2008 12:20 pm

I wish I knew how they calculated this. Mine is like 2400. How the hell did they get that number?

User avatar
goose22j
Posts: 7
Joined: Sun Oct 21, 2007 10:38 am

Re: EFC question (financial aid--FAFSA)

Postby goose22j » Mon Jan 28, 2008 12:37 pm

You're lucky...mine is in the tens of thousands and i have no idea why they are doing that to me! :-)

my wife makes decent money but i'm 31 and won't have any parental financial support...

mike41s
Posts: 3
Joined: Mon Jan 28, 2008 3:15 am

Re: EFC question (financial aid--FAFSA)

Postby mike41s » Tue Jan 29, 2008 12:06 am

I completed my fafsa last week and my EFC is close to 10 grand. When I was living at home throughout my undergrad, my efc was zero. The lower the better.

ghil04
Posts: 1
Joined: Tue Jan 29, 2008 2:53 pm

Re: EFC question (financial aid--FAFSA)

Postby ghil04 » Tue Jan 29, 2008 5:11 pm

Mine came out to around 17k. I actually looked through the FAFSA tables (they're pretty easy to decipher) and the basic formula is as follows:

2007 Income
- Allowances (taxes, dependents, marital status, etc.)
Total *50%
= Expected Contribution from Income

Current Assets (investments, cash) *20%
= Expected Contribution from Assets

EFC = Expected Contribution from Income + Expected Contribution from Assets

My ECI came out to 16k because I made around 60k last year, but I have practically zero assets (all savings are in retirement accounts) so my ECA was pretty low.

Hopefully this demystifies the process a bit.

arich24
Posts: 56
Joined: Mon Nov 19, 2007 4:33 pm

Re: EFC question (financial aid--FAFSA)

Postby arich24 » Tue Jan 29, 2008 5:31 pm

Mine...sadly, is still 0...

katiecakes
Posts: 8
Joined: Sat Jan 05, 2008 2:47 am

Re: EFC question (financial aid--FAFSA)

Postby katiecakes » Tue Jan 29, 2008 9:22 pm

thanks i really appreciate the help

User avatar
snowboarder2713
Posts: 143
Joined: Thu Jun 14, 2007 6:59 pm

Re: EFC question (financial aid--FAFSA)

Postby snowboarder2713 » Wed Jan 30, 2008 3:37 pm

arich24 wrote:Mine...sadly, is still 0...


Sadly? That's the greatest number I've seen in a while! True it means your broke, but hey your eligible for all federal loans out there.

User avatar
JRHoliday
Posts: 2
Joined: Mon Feb 15, 2010 11:14 pm

Re: EFC question (financial aid--FAFSA)

Postby JRHoliday » Mon Feb 15, 2010 11:27 pm

I just got out of the Marines, and although my total taxable income was under ten thousand dollars (due to being deployed to Iraq where you don't pay taxes), I ended up getting an EFC of 8277 dollars. I got out on January 4, so between now and the start of school I'm staring down a total of 8 months potential unemployment with no marketable skills. Furthermore, I have bad credit because of a horrendous identity theft. I don't think I can qualify for private student loans. Is there anything I can do to cover the shortfall or reevaluate my EFC to a more realistic number?

User avatar
weaselology
Posts: 85
Joined: Sat Nov 21, 2009 5:28 pm

Re: EFC question (financial aid--FAFSA)

Postby weaselology » Mon Feb 15, 2010 11:54 pm

"The financial aid office at your school will determine how much financial aid you are eligible to receive. Your Expected Family Contribution (EFC) and other information will be used to determine your aid eligibility.

Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate how much financial aid you are eligible to receive." - From the FAFSA FAQ's. So EFC isn't really a dollar value - it is a value used to calculate aid (akin to a credit score).

Also, someone above referenced a 20% multiplier for the asset contribution calculation, but I have only seen 35% when I searched.




Return to “Law School FAQ”

Who is online

Users browsing this forum: No registered users and 5 guests