EFC codes at the end of FAFSA ... can you help me understand

[OverRunMama]

I just talked to FAFSA, the lady claimed that the Fafsa code for EFC was not a dollar amount but just a CODE that the Colleges use. I thought this represented a dollar amount (not precisely but ball park)…

This website sounds like that’s what it means…

What Does My EFC Code for Financial Aid Mean? | LoveToKnow

I have 2 kids going to College this year… unfortunately the 2019 year is the most (1st time we earned a little over $100,000), then Sept 2020 – and into this 2021-22 year, Husband lost his good paying RR Job and will never be able to replace that sort of income, not in our area, best he will find is an $18/ hour job (was making $33 an hour). I earn $41,000 a year.

Says this on Son’s Fafsa…

“Based on the information we have on record for you, your EFC is 12275”

So, does this mean we are expected to pay $12,275 per College year for this son… I think Daughters was similar , I forget but not the same number exactly…

So basically we will be expected to pay $25,000 for both kids for the 2021-22 year? Am I understanding this correctly ?

Thank you.

[Mwfan1921]

FAFSA and your EFC are used to determine eligibility for federal financial aid (e.g., Pell grants, direct student loans, work study). Yes, each students has their own EFC.

Most FAFSA only schools do not meet full need, so they will likely ‘gap’ you and not get close to your EFC number when offering need based aid. So, one option would be to look for schools that offer merit aid that is not tied to financial need.

Schools that require CSS Profile in addition to FAFSA, will use the information on Profile to calculate what they expect you to pay…which is often higher than your FAFSA EFC too. Some Profile schools meet full need, but again, it’s based on how they calculate it.

You should run each school’s net price calculator to get a cost estimate, some are more accurate than others. If your 2020 financial circumstances are different than 2019, you ask the schools to reevaluate your FA package, there is usually a ‘special circumstances’ type form to fill out on many schools’ FA sites.

[OverRunMama]

Beings husband got laid off towards the end of 2020 (Sept)… our income will be very close to $100,000 – 2019’s was about $110,000 -so it won’t be that much less actually…

Not sure much adjusting will happen – this year (2021 I expect our income to only make it to about $65,000 though so that’s a lot lower)…I think I’d be more interested to get it ADJUSTED NEXT YEAR --if that is possible???

I think Daughter will just have to go to a Community College instead… Son is in a program where 4 yrs -at this specific college -(he is commuting) will give him a Cyber Security Masters degree… so we really don’t want to take him out of there…

We have some money saved to get us through this coming year… but 4 yrs at these prices (nearing $30,000 a year out of pocket) with our lower income ( only grossing around $70,000 a year) would be something we’re not willing to do.

[austinmshauri]

The FAFSA EFC is a dollar amount used primarily to calculate Pell Grant eligibility. A 00000 EFC is $0 and qualifies for the full ~$6k/year Pell Grant. A 06300 is $6,300 and qualifies for $0 to maybe a couple of hundred dollars/year in Pell money. The EFCs between $0-6300 receive graduated amounts of Pell. EFCs above ~06300 qualify $0 Pell money.

Colleges may or may not use the FAFSA EFC when calculating grants from the college. The FAFSA EFC is generally the minimum families can expect to pay for each student. You’re better off running each school’s Net Price Calculator (unless you have special circumstances like divorce, family owned business, etc.).

[OverRunMama]

I have a question about the SPECIAL CIRCUMSTANCES form… yes , the College Financial aid Rep offered me this… but can this be used 2 years in a row … as if I use it THIS year (the difference in income will only be about $15,000ish)… as Husband was laid off later in 2020 & got 3 weeks paid Vacation time also… (he was making $33 an hour in an area that people can’t even find a $16 /hr job)… he’s been looking for months, can’t even get that …

But if we wait and use the Special Circumstances NEXT year using 2021 Taxes for 2022-23 year… the difference in Family income will likely be more like $30,000, that’s speculating he will snag an $18 an hour full time job soon.

So do they have a limit on how often Special Circumstances can be used ?

Thank you so much- everyone.

[OverRunMama]

Also I had the Financial Aid Dept get back to me and I guess I was reading it all wrong… Daughter would cost a total of $8,700 FOR THE YEAR… not each semester, so if son’s is similar… that would be a cost of about $17,000 for 2 kids for 1 full year… This is Doable with our savings… and I would be happy with that…