Title: What is the EFC for financial aid and college scholarships
Tags: financial aid, college scholarships, financial aid help, efc financial aid,
Blog Entry: After you register with FAFSA you will receive your EFC (expected family contribution). What is the EFC? The EFC is the amount of money your family will be expected to contribute to your education. The EFC is subtracted from the school's Cost of Attendance (COA), also known as the "student budget", to arrive at your financial need: Financial Need = COA - EFC. The student budget includes tuition, fees, room and board, books and supplies, travel, and personal and incidental expenses. The lower your EFC, the more financial aid you will get. The school will try to meet this need through a financial aid "package" that combines aid from federal, state, school, and private sources with loans and student employment. You may find your EFC figure to be painfully high. This often occurs because the need analysis formulas are heavily weighted toward current income. In addition, the formulas consider your income and assets without taking many common forms of consumer debt into account, such as credit card balances and auto loans. Finally, student income and assets can add significantly to the EFC figure. If you have more questions about financial aid , or need help with the recruiting process then contact us now.
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