Why Is My EFC So High Independent Student?

What is the EFC for Pell Grant?

To meet the Pell Grant requirements, you’ll need to meet all the federal eligibility requirements for financial aid and prove that your expected family contribution is at or below $5,140 for the 2019-2020 school year.

Currently, the maximum Pell Grant award is $6,195..

Can fafsa check bank account?

Student Applicant Status The FAFSA will require disclosure of financial information, including bank account balances, by the student applicant and also from the student’s parents if the student is classified as a dependent student.

How do I pay for college with high EFC?

5 ways to pay for college when you can’t meet your Expected Family ContributionBrainstorm with your parents. … Negotiate with your potential schools. … Apply for state grants and private scholarships. … Start a part-time job or side hustle. … Consider federal and private loans.

What is an average EFC?

An Expected Family Contribution is a dollar figure that represents what financial aid formulas believe a family should be able to pay for one year of a child’s college education. No. 2: The EFC for the average American household with an AGI of $50,000 will usually range from $3,000 to $4,000.

How much money will fafsa give me?

The maximum Federal Supplemental Educational Opportunity Grant (FSEOG) is $4,000, with an average grant of $599. Your college may also use your FAFSA® to determine eligibility for a variety of scholarships that are awarded on the basis of merit.

How can I lower my EFC score?

Maximize Household Size The larger your household size is, the lower your EFC will be (in most cases). The Free Application for Federal Student Aid (FAFSA) considers someone a part of a household if they live at home and if the parent or parents provide more than 50 percent of the dependent’s support.

Why is my EFC so high?

For most students, a high household income will be the reason for a high EFC. … This makes it perhaps the most important factor in the EFC formula. The EFC formula takes into account both parents’ incomes and the student’s income, with higher-income families expected to contribute more to their student’s education.

What is a good EFC score?

Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all. The numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you’ll have to help pay for tuition and fees.

What is the highest EFC score?

999,999Generally 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.

How do I get the most money from fafsa?

5 ways to get more money from FAFSABe smart about filing your taxes. The more income your household makes and the more assets it holds, the less aid you’ll be eligible for. … Update your FAFSA after you file your taxes. … Update it again if anything changes financially. … Update your school directly, too. … File an appeal.

How is EFC calculated for independent students?

The EFC is calculated according to a formula established by law. Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. … It is a number used by your school to calculate how much financial aid you are eligible to receive.

What if EFC is higher than cost of attendance?

If your EFC is greater than the cost of attendance, there’s a very slim chance you will receive any financial aid. The only option for you, then, would be to take out a unsubsidized Stafford loan or PLUS loan in the event that you needed assistance in paying for school.