What Does EFC Stand for Regarding a Pell Grant?
The acronym EFC, when used in regards to federal Pell grants, stands for "Expected Family Contribution." The Free Application for Federal Student Aid, or FAFSA, determines the strength of your family's financial situation for the academic year in question. Your Expected Family Contribution is just one of many factors that will be considered in determining your eligibility for Pell grants and other student financial aid.
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Getting Your EFC
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To obtain your EFC, you must first fill out the Free Application for Federal Student Aid. While you may fill out a hard copy of the form, which you obtain from your school's financial aid office, it is far more efficient to fill out the information online at the FAFSA website (see Resources). Your EFC typically will be generated at the end of the FAFSA process. When filling out the form online, you may generally expect to obtain your EFC within minutes of completion as a part of your Student Aid Report.
Student Aid Report
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The Student Aid Report, or SAR, is a document that is generated after you have completed the FAFSA and it usually will include your EFC. When filling out the FAFSA online, you will generally receive a copy of this report right away. You must first review the information to ensure it is correct. Once you have verified the SAR, it will be forwarded electronically to your school of choice. If you choose to fill out the FAFSA on paper, this process can take several weeks to complete.
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EFC Formula
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The exact formula for calculating the Expected Family Contribution may vary from year to year. The U.S. Department of Education generally maintains up-to-date information on its various websites. To learn about this year's EFC Formula, you can obtain a PDF copy of the current brochure listed under "Free Application for Federal Student Aid (FAFSA) Information" on the Student Aid Publications page (see References). You can also obtain the current year's brochure from the financial aid office at your school.
EFC Significance
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Once you have completed your Free Application for Federal Student Aid, your FAFSA information, including your EFC, is forwarded to your school for further processing. Your school of choice will use this information to determine your individual eligibility for financial aid. Your school's financial aid office will then notify you with the details of your specific financial aid package.
The amount varies from year to year, but generally, your EFC must be under a certain amount for you to qualify for a Pell grant.
For More Information
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For more information on how to fill out the Free Application for Federal Student Aid, or on how your Expected Family Contribution affects your grant eligibility, you can contact your school's financial aid office. You can also visit the Federal Student Aid Information Center online (see References) or by phone at 800-4-FED-AID.
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References
Resources
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