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whats a good EFC?

Sean11Sean11 Posts: 282Registered User Junior Member
so, my efc was like 3700, and like is that good? will i get enough aid?
Post edited by Sean11 on
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Replies to: whats a good EFC?

  • iamhungiamhung Posts: 283Registered User Junior Member
    You will get quite a lot of aid from any school, including some of the more expensive state schools.
  • sillypantssillypants Posts: 2Registered User New Member
    my efc was 975, but my mom only makes 25k a year, and I think I messed up on some of the info is this a good number? for a community college
  • AnoelAnoel Posts: 291Registered User Junior Member
    Your efc is good if your parents can and will be able to pay it AND the schools give you enough aid for it. If its too low, a lot of schools may gap you or give you a lot of loans but if its really high, you won't get anything but maybe a loan. Then it all comes down to merit scholarships.

    But is an efc ever good? Who wants to pay money and if you have an efc of 0 its usually because you're poor and that's not a good place to be in.
  • sybbie719sybbie719 Posts: 16,851Super Moderator Senior Member
    A good EFC is all relative.

    Can your parents afford to pay the EFC as there can be a big difference between the amount of money the school says you can afford and what your family thinks that they can afford.

    Not all schools are need blind and not all scholls meet 100% of your demonstrated need.

    Having a low EFC at a school that gaps is not going to help your cause because you won't have the money to make up the difference.

    having a low EFC at a school that is not need blind if it is a toss up between you and a similar candidate who can afford to pay you are on the down side of the power dynamic
  • lindalanalindalana Posts: 352Registered User Member
    Low EFC means low income and such person should apply to many and variety of schools for the reasons posters above were stating. Every school is obligated to give federal need-based aid by law and no more than certain amount-4K Pell grant, FSEOG no more than 4K/ and it is absolute rarity, usually it is less than 2K/, than Stafford subsidised loan $2,675, then maybe Perkins loan for 1-2K. If you lucky your state will chip in with something- $500-5K grant possible. For school that cost 40K it does not do anything if school does not give you lots of their own scholarship/ grant aid. If you are going to state school and school is not expensive- such option becomes doable. Problem is if your EFC is 0 and school gives you lots of aid but still gaps you at 10K where you going to get it? and how much debt you can afford?
  • nvlove82nvlove82 Posts: 3Registered User New Member
    Maybe I am not undertanding the whole EFC thing. My EFC was 1304... I was told that is how much they are expecting me to pay out of pocket for the year or maybe the term? I am not relying on parents for any of it and have to do it all on my own. I don't know $1304 doesn't sound too bad all in all, but, am I undertanding this?
  • sybbie719sybbie719 Posts: 16,851Super Moderator Senior Member
    You would have to look over your FA award letter. Is it broken out by the term of by the year.

    IF it is by the term, your EFC could be 1304 a term or 2608 per year

    If it is by the year, your EFC could be 652 per term or 1304 per year.
  • nvlove82nvlove82 Posts: 3Registered User New Member
    Thanks for that, it gives me something to think about. I've not yet gotten my FA award letter yet. Not supposed to get it for a couple of months after it's gone through a billion reviews, or something to that extent.
  • staticsoliloquystaticsoliloquy Posts: 1,496Registered User Senior Member
    Zero is the best number for an EFC.
  • collegekid100collegekid100 Posts: 662- Member
    No, zero is a terrible number for an EFC. A great EFU is $80K, meaning your parents can easily pay for any college.

    MOST schools do not meet need. That makes them hard or impossible for a kid with a zero EFC to attend.
  • staticsoliloquystaticsoliloquy Posts: 1,496Registered User Senior Member
    In my case, well-endowned schools do.
  • staticsoliloquystaticsoliloquy Posts: 1,496Registered User Senior Member
    You could have your parents pay for any college, or you could go there for free. I don't know about you, but I think the latter option is a lot more preferred.
  • collegekid100collegekid100 Posts: 662- Member
    ^I don't think you get this unless you can get into Princeton, and even there, it's not free for anyone. The very lowest income kids must pay much of their summer earnings and work during college. That's just to meet COA. I find most low income students work more than what they must for work-study to be able to socialize with kids whose parents give them money.

    I've been poor and I sure hope my kids have a super high EFC!

    You think it would be fun to be poor just to get aid? Far as I see the high EFC kids tend to be living better, have better job connections and parents to help them when they get out of school.
  • staticsoliloquystaticsoliloquy Posts: 1,496Registered User Senior Member
    That's not true at all. I'm paying $75 dollars for Stanford. My EFC is $0. Had I not received the Gates Scholarship, I'd be taking out a $2,000 Perkin Loan and I'd have done work-study for another $2,100. So yes, I'm not paying anything. This was my case for MIT, Stanford, Columbia, CAL, JHU, and Williams.
  • sybbie719sybbie719 Posts: 16,851Super Moderator Senior Member
    That's not true at all. I'm paying $75 dollars for Stanford. My EFC is $0. Had I not received the Gates Scholarship, I'd be taking out a $2,000 Perkin Loan and I'd have done work-study for another $2,100. So yes, I'm not paying anything. This was my case for MIT, Stanford, Columbia, CAL, JHU, and Williams.

    Staticsolioquy,

    It is wonderful that you got admitted in to some amazing schools and the $$ came through for you. However, your sitiuation is more the exception rather than the rule because:

    The schools that you have been admitted to are amongst some of the most competitive as far as gaining admissions. So yes, if you get admitted they will certainly come through with the $$. But the operative word here is IF. Every low income student is not going to have the grades, stats or sometimes the sheer luck of the draw to be admitted to the list of schools you've mentioned.

    What you also have going for you is a great financial safety in CAL as an in-state resident. The a low income student from OOS is not going to get the same $$ deal at CAL.

    You received a gates scholarship which absorbed your self help aid. Every single low income "0" EFC student is not getting a GMS.

    I agree with collegekid that we would be remiss and totally irresponsible in stating that the student with a "0" EFC has a great thing going for them and they are bound for a "free ride" when quite the opposite is true. With the exception of about 50 colleges which are some of the most difficult to gain admissions, the statement is far from being true.

    Even for the schools that have deep pockets, they ask for the CSS profile or their own FA forms. FOr some students this could radically change their "0" EFC once their non-custodial parents/ steparents income or home equity enters into the equation (yes, there are many people especially in CA that are cash poor and house rich).

    The only thing a FAFSA "0" EFC does is determine that yes, you are eligible for federal aid:

    3500 in a subsidized stafford loan
    4310 in a pell grant
    ~2000 in SEOG (if the funds are available)
    4000 in a perkins loan (the school decides this)
    750 in an academic competitive grant
    Hopefully state aid from your home state

    The overwhelming majority of colleges in this country

    Are not need blind (they are need aware/need sensitive) an will give you an admit deny (academically you make the cut the the financial aid package is so onerous that you cannot afford to attend).

    Fo not meet 100% of demonstrated need using large amounts of insitutional aid , but are heavy on loans (which is also considered FA).

    Students with "0" EFCs should still shoot fort the moon if they have the grades and stats to be considered a viable candidate. However, this group should be especially diligent in building a list from the bottom up that includes a financial safety.
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