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If you're relying on federal student loans to help you pay for college, you'll first need to complete your Free Application for Federal Student Aid (FAFSA). The information you provide on the ...
There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA. Recipients of need-based financial aid must reapply for each year by completing a new FAFSA. The term and concept of Expected Family Contribution was replaced by the term Student Aid Index (SAI) in 2024. [2]
Your Expected Family Contribution (EFC) is pumped out automatically by your Free Application for Federal Student Aid (FAFSA). EFC and FAFSA Problems: When Your Parents Can’t Help Pay for College ...
How is my financial aid calculated? Once you complete your FAFSA, your financial aid award amount is calculated using a few metrics:. Expected family contribution (EFC): This is how much your ...
Federal Student Aid offers several different types of financial aid programs. [18] Pell Grant – A grant of up to $6,195 (as of the 2019–2020 Award Year) for students with a low expected family contribution. [19] A 2018 NerdWallet study found that students missed out on $2.6 billion in free federal Pell grants by not completing the FAFSA. [20]
In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) [6] [7] exceeds the Expected Family Contribution (EFC), [8] calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid following formulas set by the United States Congress.