However, not every school follows the EFC to the letter. The results can be valuable from a planning perspective, particularly if your student is trying to figure out which schools may be affordable to them. If your family receives the financial aid letter and there is a large gap, there are a few steps you can take. First, you may want to reconsider universities. Finding a more affordable school is one of the easiest ways to bring down the amount your student has to borrow in student loans.
Next, you may want to try negotiating with the school which we cover in-depth here: 5 Steps to Negotiate College Tuition and Save Thousands of Dollars.
Lastly, you should always try to find scholarships to help cover the bill. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Home » What is EFC? Updated on August 4th, When your student is preparing to head to college, the expected family contribution EFC on their FAFSA plays a big role in the kind and amount of financial aid they may receive. Facebook 39 Twitter Pinterest 49 Reddit Tumblr. Leave a Reply Cancel reply Your email address will not be published.
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Rankings or Student Engagement? There is no easy way to lower your EFC number without hiding assets and engaging in other illegal activity. If you plan in advance, you may be able to slightly lower your EFC by:. If you do not feel comfortable with those options or they do not seem feasible, there are ways to make your EFC number less of a burden.
Merit-based scholarships including those for artistic and athletic ability do not usually take into account the EFC number. In addition if you have an EFC number that you think you cannot afford, you may apply for need-based scholarships through the college or independent organizations.
An EFC number under often qualifies you for a work study job. While most of these jobs are catered to students, giving them flexible hours and time to study, their pay is often low and any money earned is directly applied toward tuition and fees.
If you qualify for a work-study job, you have the option of turning it down. You may be able to get a job off-campus or a higher-paying position on campus and make money above what the work-study position offered. However, you must be disciplined enough to apply your earnings toward tuition and fees. This decision is difficult for students who have their hearts set on attending a specific college. If the amount of money you receive in federal financial aid covers a significant portion of your school's tuition and fees, you may have better luck getting the additional funds covered through your school's financial aid department than if you would still owe thousands of dollars after federal financial aid is applied.
Overall, there is no such thing as a bad EFC number as long as your family can afford to pay or cover with scholarships the EFC and whatever the difference is between financial aid and tuition. Regardless of your EFC, it is important to find ways beside federal grants to pay for college.
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