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If you're relying on federal student loans to help you pay for college, you'll first need to complete your Free Application for Federal Student Aid (FAFSA). The information you provide on the ...
Factors that may reduce the Expected Family Contribution (EFC) when calculating financial aid eligibility include: Number of Family Members in College: If there are multiple family members attending college at the same time, the EFC for each student may be reduced. This is because the cost of education is divided among the family members ...
How is my financial aid calculated? Once you complete your FAFSA, your financial aid award amount is calculated using a few metrics:. Expected family contribution (EFC): This is how much your ...
Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC). If the EFC is less than the cost of attending a college, the student has a financial need (as the term is used in the U.S. financial aid system).
Your Expected Family Contribution (EFC) is pumped out automatically by your Free Application for Federal Student Aid (FAFSA). EFC and FAFSA Problems: When Your Parents Can’t Help Pay for College ...
U.S. Dept. of Education · FAFSA Cost of attendance · Expected Family Contribution: Distribution channels Federal Direct Student Loan Program Federal Family Education Loan Program: Loan products Perkins · Stafford PLUS · Consolidation Loans Private student loans
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...
Federal Student Aid offers several different types of financial aid programs. [18] Pell Grant – A grant of up to $6,195 (as of the 2019–2020 Award Year) for students with a low expected family contribution. [19] A 2018 NerdWallet study found that students missed out on $2.6 billion in free federal Pell grants by not completing the FAFSA. [20]