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. Seek out colleges that guarantee to cover a student's full financial need or, if you have a low EFC, seek out scholarships that consider a student's financial need before awarding the scholarship.
Ways to Make Your EFC Number Better Your EFC number is factored by taking into account family size, including the number of family members currently enrolled in college, parental income and assets and student income and assets. If you plan in advance, you may be able to slightly lower your EFC by: Paying off debt Not placing savings accounts in the student's name Reducing assets by purchasing big ticket items before the FAFSA is filled out Having grandparents, instead of parents, establish college savings plans Enrolling more family members, such as parents, in college.
Choose a Different School This decision is difficult for students who have their hearts set on attending a specific college.
EFC Tables and Data. Info to Record on a Wine Tasting Scorecard. Please help support this free information by whitelisting the website. Share Pin 9.
Click Here for Free College Counseling. Leave a Comment Cancel reply You must be logged in to post a comment. Please support this website by adding us to your whitelist in your ad blocker. Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. FACT: The reality is there's no income cut-off to qualify for federal student aid.
It doesn't matter if you have a low or high income, you will still qualify for some type of financial aid , including low-interest student loans. Spend down children's assets for college expenses ahead of parental assets. Maximize saving in retirement accounts like ks and IRAs. Pay debt to reduce parent assets. If you are a considered independent for the purposes of financial aid, then your income is considered.
If your EFC is high , it should be because your income is high. If this is the case and you cannot afford to pay your EFC , contact the financial aid office at your school. Cash assets sink financial aid eligibility, but are virtually untraceable unless admitted to on the FAFSA. What does an EFC of 0 mean? Category: personal finance student financial aid. Zero is the lowest EFC number; 99, is the highest.
Students with a 0 EFC may receive the following types of need-based aid:. Colleges with work-study programs match students to on-campus or off-campus jobs. Students usually work between 10 and 20 hours a week and are paid minimum wage or slightly more.
The exact wage depends on the college. Because there is a limited amount of work-study jobs, students should complete the FAFSA early to receive a position. There are two types of federal student loans, unsubsidized and subsidized. Subsidized student loans do not accrue interest during enrollment, the six-month grace period after graduation and during deferment periods.
This can be a huge cost savings for students who qualify. Some state grants are only available for need-based students, and most states use the FAFSA to determine eligibility. These grants are only available to students who remain in-state for college. Grants do not need to be repaid, and many can be renewed for multiple years. While many scholarships are given to students regardless of need, some are only available for students who meet certain income thresholds.
Both colleges and third-party providers may have need-based scholarships available. Juno can help you get the lowest private student loan interest rates with a repayment schedule that works for you. Juno negotiates with lenders on behalf of you and other students and families to get the most favorable possible payoff terms.
Join Juno today to find out more about your options for affordable private student loans to help fund your degree. Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time.
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