Once a student has completed and submitted their FAFSA form, which is also known as Free Application for Federal Student Aid form, the government will send the prospective student a SAR or Student Aid Report, which gives the student’s EFC score. This EFC score determines if students are eligible for the Stafford Subsidized/Unsubsidized Student Loans, Pell Grant, Ford Loan, and other federal student aid. Once the EFC is calculated, the government communicates this score to both you and the post-secondary institution you plan to attend in the future. The Financial Aid office at your university will use your EFC score to determine your financial need. This financial need is defined as the difference between the cost of attending the college/university and your EFC. So, the Financial Aid office takes the COA or Cost of Attendance and subtracts the EFC or expected Family Contribution. This calculation determines the financial need of the student. Based on this score, the financial office will prepare a financial aid package with an award letter.
The Expected Family Contribution or EFC determines how much federal financial aid a student will receive while attending a post-secondary institution. The lower your EFC score, the more financial aid you will receive. The EFC calculates a family’s ability to pay for their child’s education. There are multiple factors that are used in order to determine a student’s EFC score, which include family size, number of family members in college, family savings, and current earnings.
Pell Grant Online / Pell Grant Requirements / Pell Grant Qualifications /
Pell Grant Amount / Plus Loan Consolidation / Pell Grant Information /
Parent Plus Loan Consolidation / Parent Loan / Cal Grant Application /
Fafsa Efc / Federal Stafford Student Loan