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My EFC is 693. What does this mean and how much financial aid should I be expecting? |
My EFC is 693. What does this mean and how much financial aid should I be expecting? This means that 693 is the amount of money YOU and YOUR family must contribute towards YOUR education. It is calculated from information provided on your FAFSA. Once an EFC is determined, your financial aid office will then subtract the 693 from the total cost of attendance of the school you are attending. Most of the time, it is a defined amount that is displayed usually on your school's website or the catalog. The difference ends up being your FINANCIAL NEED. Your FA office will then base the award amounts for Pell Grants and other need-based grants off of your financial need amount. Depending on what your school's declared Total cost of attendance is, you should, with an EFC of 693, get grants sufficient enough to at the very least cover the costs of tuition and books. Sometimes you will get grants that are more than enough to cover the costs of tuition and books, ( and I think this is where you will be when it is all said and done), therefore you will receive the difference by check or other funding, depending on your school. Hope this helps. My EFC was substantially higher than yours is, (just wait till yours gets to 4 digits.) which means I am expected to contribute to my education more than you do,BUT I still received several pell grants. They weren't sufficient to cover my tuition but thats where scholarships and Federal Loans come in to play. Just know all your options and do everything ahead of time and you will be covered until you start making more money. Source(s): Every single website having anything to do with financial aid, and of course, first hand experiences.... i dont think you will get any the lower the score teh more moeny you get thats pretty high go to fafsa and fill out calculator page and it will tell you both the efc and the percentage of aid experience & fafsa.gov Not sure but mine was in 2 hundreds or even lower. I should get at 5,000-6,000 after tuition is taken out. I only $91 per credit hour. |
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