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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]
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 Pell Grant, the largest of the federal grant options and based exclusively on an individual's Expected Family Contribution as calculated using the FAFSA data. [ 2 ] For students attending a University or Cal State in the state of California there are also resources like the Cal Grant award that is awarded every year.
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]
The expected family contribution (EFC), which determines your financial need based on household income, family size and cost of attendance, will be replaced with the Student Aid Index (SAI).
U.S. Dept. of Education · FAFSA Cost of attendance · Expected Family Contribution: Distribution channels Federal Direct Student Loan Program Federal Family Education Loan Program: Loan products Perkins · Stafford PLUS · Consolidation Loans Private student loans
The information you provide on the FAFSA, including your family's assets, will help determine … Continue reading → The post What Is the Expected Family Contribution (EFC)? appeared first on ...