When filling out the FAFSA form, the applicant should use the AGI as it appears on the tax return, even if it is a negative number. The EFC for an independent student with dependents other than a spouse is calculated using the information for the student and spouse provided on the FAFSA form. The students EFC is determined by adding the parents contribution, the students contribution from available income, and his or her contribution from assets. The EFC has no effect on merit-based scholarship amounts. (Note: These numbers are arbitrary to give you an idea of how a college might award financial aid.). The FAFSA website has a threshold question that allows the asset questions to be skipped when the student seems eligible for the simplified formula or an automatic zero EFC. Therefore, a progressively larger amount of income may be contributed toward postsecondary educational costs. What does my EFC number mean? Is it right? : The formula for financial need is a school's Cost of Attendance (COA) minus the student's EFC. The second section of the FAA information area has a table of alternate primary and secondary EFCs for 112 months that you must use to award aid (other than Pell grants) to students attending for other than nine months. The sum of these two is divided by the number in college in 20202021, as reported on the FAFSA. .. Your EFC number is a six-digit number leading off with zeros, representing how much you and your family are eligible for federal student aid. This is the final step in determining the parents contribution. Word for Mac - page numbers not working For instance, the maximum Pell Grant award will increase from $6,495 to $6,895. They may do this out-of-pocket (many colleges have payment plans), using outside scholarships or by taking out a loan. The EFC for an independent student without dependents other than a spouse is calculated using FAFSA data for the student and spouse. If both items are blank or invalid, the parents state of legal residence is used. Still, this is not guaranteed. The need-based EFC includes parental information also but you don't have to worry about that. Use Table 2. The school recognizes that even though the family has a higher EFC, $24,000 per year price tag may still be steep. My EFC You can find your preliminary EFC by heading to the College Board's website. This calculator uses the EFC formula for the 2023-24 academic year. If the school has large financial resources, you might end up paying less out-of-pocket at that expensive school compared to a cheaper school that has fewer resources for financial aid. When you submit the form, the calculation spits out a 6 digit number. The parents available income is calculated by subtracting certain allowances from the parents total income. 80 Classy Graduation Instagram Captions That Celebrate Success. by Whitney Sandoval Edited by Cameren Boatner Reviewed by Andy Buchanan Published September 7, 2022 Learn more about our editorial process Odds of winning depend on the number of entries received. The rates in Table 8 increase from 22% to 47% as the adjusted available income increases.
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