EFC Definition?

tscogrady · 02-06-2008, 10:48 PM

Does the EFC just equal the total cost of the college minus your total financial aid package (including loans)?

My EFC is 6904, so if my schools are about $50,000 a year i should be expecting financial aid packages of $43,000 ish?

Dennis173 · 02-06-2008, 11:54 PM

EFC is your Expected Family Contribution. This is the amount that the federal government deems you are eligible to pay.

Dennis173 · 02-06-2008, 11:56 PM

If a school meets one hundred percent of your need , then yes you should be expecting to pay your EFC and receive 43000ish. Schools with a lot of money usually meet your full need and some beyond that.

entomom · 02-07-2008, 12:01 AM

If a school calculates that your EFC is 6904 AND it provides 100% of financial need, then yes your FA package will be about 43k.

Here are the buts:

Since your school costs 50k/yr, I'm assuming it's private. I'm also assuming it uses the Profile, so if the EFC you quoted is from FAFSA, it will not necessarily be the same as the Profile EFC that the school calculates.

Also, different schools use different formulas to calculate the Profile EFC. For instance, there was a 20k/yr range in our EFC between schools, all of which got the same financial information.

Finally, you FA package is made up of grants, loans and work study. So, even if your school provides for 100% of need, there could be a substantial amount in loans, it all depends on the policies of the individual school.

entomom · 02-07-2008, 12:03 AM

"Schools with a lot of money usually meet your full need and some beyond that."

What?? Define a lot of money. How do they go beyond full need?

tscogrady · 02-07-2008, 12:21 AM

I was accepted EA to Dickinson and I received:
Scholarship: $15,000 / year
Grant: $22,000 / year
Subsidized Fed Stafford Loan: $3,500 / year
Fed Perkins Loan: $1,500 / year
Work Study: $2,200/year
Total: $44,270

Cost of D-son
$49,894.00
- $44,270
________
$ 5,624

*Since those values are based off the CSS/Profile it shouldn't change because of the FAFSA's EFC, right?

And will schools without merit scholarships give me more grant money? Like, a $37,000 grant (since D-son gave me $37 k with grants/scholarship)?

Dennis173 · 02-07-2008, 07:15 AM

"What?? Define a lot of money. How do they go beyond full need?"

The Ivy's have a lot of money, endowments. If I were to be going to Harvard , i would attend for free compared to Cornell where I have to pay exactly what my EFC is.

northeastmom · 02-07-2008, 07:37 AM

Quote:

And will schools without merit scholarships give me more grant money? Like, a $37,000 grant (since D-son gave me $37 k with grants/scholarship)?

The answer is yes and no. I know that is not what you want to hear, but many schools do "gap". A gap is what they leave in unmet need (you figure out how to come up with that money, or you don't attend).

entomom · 02-07-2008, 11:11 AM

"The Ivy's have a lot of money, endowments. If I were to be going to Harvard , i would attend for free compared to Cornell where I have to pay exactly what my EFC is."

The major difference between H & C is how they calculate need, not that they pay "beyond" your need (that makes it sound like you are being given more than COA). When you are dealing with Profile schools, there is no singular EFC, each school has their own set of policies and calculations. Do not confuse a Profile EFC with Federal EFC as calculated by the FAFSA, that is a whole different animal that qualifies you for a different bucket of money.

entomom · 02-07-2008, 11:26 AM

OP,
Those numbers are based on Dickinson's calculation of your Profile EFC. Another Profile school could be similar or very different depending on how they calculate EFC.

In general, I would never assume that another school will replace merit scholarships with FA grants.

joecollegedad · 02-07-2008, 04:37 PM

EFC = EPC + ESC

Is OP's 6904 number ESC?

thumper1 · 02-07-2008, 04:47 PM

>>If a school meets one hundred percent of your need , then yes you should be expecting to pay your EFC and receive 43000ish.>>

Most of these schools have a student contribution that is expected to be earned during the vacation times and during school employment. This can be several thousand dollars. I believe this is in addition to the EFC at some places.

swimcatsmom · 02-07-2008, 04:56 PM

Quote:

EFC = EPC + ESC

Is OP's 6904 number ESC?

Although the EFC is made up of student and parent contributions only one number - the EFC - is produced when filing FAFSA. I would assume as he said EFC he meant EFC.

SuperSport623 · 03-05-2008, 11:17 PM

i just filled out my Fafsa last night, and it gave me an EFC of 0.... did i do something wrong? or does that mean i may be getting all the aid i need? im going to Adelphi, $23,000 tuition, a $13,000 scholar ship leaving 10 k a year...

entomom · 03-06-2008, 01:02 AM

People do get EFCs of 0, it's difficult to know if you made a mistake without knowing some basics about your parents income and assets, and even then, there are many other factors that go into determining your EFC.

As far as how much Adelphi will give you in FA, there are a couple of basic questions to start with: does Adelphi use the Profile as well, and does Adelphi provide 100% of financial need?

If it uses the Profile, your institutional EFC could be considerably higher than your federal EFC.

If Adelphi does not meet 100% of need, there may be a gap between what they give you in merit + FA and the COA. Also, remember, FA packages are a combination of grants, loans and work study. BTW, if tuition is 23k, then your total COA is likely going to be more like 38k.