The Efc Formula, 2018 - 2019

The Efc Formula, 2018 - 2019 is a 36-page legal document that was released by the U.S. Department of Education and used nation-wide.

FAQ

Q: What is the EFC formula?A: The EFC formula stands for Expected Family Contribution formula. It is used to determine a student's eligibility for federal student aid.

Q: What does the EFC formula consider?A: The EFC formula takes into account factors such as the student's family income, assets, household size, and the number of family members attending college.

Q: How is the EFC calculated?A: The EFC is calculated based on the information provided on the Free Application for Federal Student Aid (FAFSA). It uses a formula established by law to determine the student's financial need.

Q: Is the EFC the amount of money I have to pay for college?A: No, the EFC is not the amount of money you have to pay for college. It is an index number used by colleges to calculate your financial aid eligibility. The actual amount you will have to pay will depend on the cost of attendance at the college you choose to attend.

Q: How can I lower my EFC?A: There are some strategies to potentially lower your EFC, such as maximizing deductions on your income tax return, reducing your savings in certain types of assets, and paying off debt. However, it's important to consult with a financial advisor or a college financial aid office for personalized guidance.

Q: Can I change my EFC?A: No, you cannot change your EFC. Once your FAFSA has been processed and your EFC has been calculated, it cannot be altered. However, you can take steps to potentially increase your eligibility for financial aid by reducing your income, assets, or other factors considered in the formula.

Q: What is a good EFC?A: There is no specific 'good' or 'bad' EFC. The EFC is simply a calculation used to determine your financial aid eligibility. The lower your EFC, the higher your eligibility for need-based financial aid. However, it's important to note that some colleges may have limited funding for financial aid, so even with a low EFC, you may still have to pay a significant amount for college.

Q: Can I appeal my EFC?A: Yes, you can appeal your EFC if you believe there are significant changes in your family's financial circumstances that were not reflected in the information provided on the FAFSA. You will need to contact the financial aid office of the college you plan to attend for guidance on the appeal process.