I recently filled out my FAFSA for the graduate school I got accepted to but my EFC score changed and it is 002601 but Im not sure what that means, any suggestions?
Your level of “need” is mainly determined by the Expected Family Contribution (EFC) from your FAFSA (Free Application for Federal Student Aid). Keep in mind that what the EFC determines your need to be, and what you feel your need is, may differ. The higher your EFC—how much you are expected to contribute towards the cost of education—the less your calculated “need” will be, and vice versa.
So based on your post, your EFC indicates that you would be eligible for some Federal aid and at the minimum, you would be expected to pay at least $2,601.00 towards your education.
All grad school applicants are considered independent, so you are already considered higher need. If you are a working professional with income, do not assume that you won’t qualify for financial aid. The same goes for being a homeowner—as long as you live in the home you own, the home will neither count as an asset nor affect your EFC and thus financial need. Be aware of variations among schools.
Universities will have varying financial aid processes, from the staff roles to different steps for applying for and adjusting your award package.
In some programs, your admissions officer also works on your financial aid award, or part of it. In other programs, the admissions office may be completely separate from the financial aid office. Asking the admissions staff with whom you work about their financial aid process early will not only help you understand and navigate the process better, but can make your experience more pleasant.
The way in which universities package aid also differs. Some craft aid packages that cover only what the EFC has determined is your need—while others will package aid up to the full cost of attending, offering aid to cover your need and the remaining cost to attend their school. Each will have a certain amount of flexibility for adjusting your financial aid, but you’ll have to work with the financial aid office to figure out where and how.