Why Is MY EFC So High? Because this number will be subtracted from your Cost of Attendance (COA) to determine your financial aid need. What Is a Good EFC Number? Check out our College Insights tool today! When opening the Windows Task Manager, you may notice that the "System Idle Process" is high and be concerned that something is using your system resources.When the processor is idle, it has a high System Idle Process in the CPU column, often between 70 and 90. My brother is going to college too. If this sounds familiar, here are a couple of reasons why your expected family contribution may be too high… In those cases, the government assumes your family can afford all the costs of college. We also own an apartment complex and that helps us financially, but it doesn't really contribute to us very much in the end. Unfortunately, there are many other mistakes families make when filling out FAFSA. I’m pretty sure my family’s income is too high to qualify for any financial, so why do I need to have my EFC calculated? Isn't that really high?? And that, right there, is the answer to the question, “Why is my EFC so high?” Fewer assets are being shielded in the formula, and that means more of the parents’ savings, investments, and other assets are being included in the calculation. Your EFC might be high enough to disqualify you from need-based aid, like grants, but you might still be able to get federal work-study or get federal student and parent loans. The college will have to manually correct this for you. Cost of Attendance – Expected Family Contribution = Financial Need Let’s say you’re applying to an elite private school whose cost of attendance is $80,000. I don't qualify for the Pell Grant. There are so many different factors that go into figuring an EFC. The expected family contribution is one of the two things that determine a student's financial need. The EFC is the amount of money your family will be expected to contribute to your education. Keep an eye on the situation, and estimate it each year of high school. As of now, DRT does not properly categorize retirement rollovers and includes this information in your income, grossly overstating your EFC. Thank you for any help I applied to fafsa and my efc turned out to be 11442. And that, right there, is the answer to the question, “Why is my EFC so high?”. Yes Our EFC is ZERO and my freshman son pays over 8500 in loans to go to the college of his choice. If you are not currently using or running any programs, a high idle percent is normal.. On top of that, many school-based scholarships also take information from the FAFSA — even for merit-based aid. One common mistake that has occured to many members of our. With more assets being “counted” as “proof” that a family can afford to shoulder more college costs, EFC is going up for many people. My EFC is 9234. Regardless of what your EFC is and whether or not you can afford it, you need to be financially strategic when searching for colleges. Despite the name, it is not mean to represent a dollar amount that you are expected to pay. The Estimated Family Contribution (EFC) formula considers items from your FAFSA such as family income, accumulated savings, the amount of taxes paid, family size, the number of children simultaneously enrolled in college, and other financial resources. … Become an educated consumer of higher ed. One of the big questions being asked right now in the, There is an allowance designed to shield some parent assets from inclusion in the calculations, helping, However, the number of assets protected from the calculation has been falling in recent years. My previous years have been 0, 0, 0, 1509. with the $29,000 EFC they’re only offering me a loan. 0. As you can see, for school year 2009-10, parents in their mid-40s could expect to see about $50,000 in assets shielded from EFC calculations. So, if you still need money to help pay for school, filling out the FAFSA is important. A low EFC means you may be eligible for a larger financial aid package, while a high EFC means you may have to rely on unsubsidized loans to cover any costs your family can’t afford. I've checked over everything.. Behind the scenes, the EFC you receive is based on a complicated formula. Dawn Kirsch recently posted this PSA to members of the group: “Public Service Announcement for FAFSA filers. She is a recognized money expert and has contributed to numerous media outlets, including Forbes, Marketwatch, NPR, USA Today, Investopedia, and U.S. News & World Report. When determining your EFC, the government uses the information provided on your Free Application for Federal Student Aid (FAFSA). October 2018 in Financial Aid & Scholarships. Which has been my main source of income since 2018 when I quit my first job which is why my income has so high that year. If you have a high EFC, it means the feds think your family will be able to cover a bigger portion of your cost of a higher education —especially if your EFC is more than the cost of the college your student is attending. The tool allows you to search schools where your student is in the top 25th percentile. Miranda Marquit has been covering personal finance for more than 10 years, including aspects of college planning and student loans. No The amount of free money colleges offer is FOUR times the amount of money given out in private scholarships.
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