How to Qualify for Zero EFC
Paying for higher education can certainly be trying for many families and individuals. Costs continue to skyrocket at a time when many are struggling with economic and employment uncertainties. This makes applying for and receiving financial aid critical for many aspiring college students. One of the factors that determine what, if any, financial aid is available is the Expected Family Contribution formula. The EFC, a factor in how much a family is expected to contribute to the costs of education, is figured upon completion of the Free Application for Federal Student Aid.
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Instructions
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Determine which schools you are interested in attending before completing your FAFSA. The reason for this is that once completed, the FAFSA will determine your EFC. This information is then sent to all the schools you provided on the FAFSA application, which can be completed online. The schools will then determine your EFC, the cost of the school and put together a financial aid package using this information.
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Qualifying for the lowest EFC possible, including zero, is a function of family income, the number of family members, savings and other family members currently attending college, if any. Completion of your FAFSA, in its entirety, is critical in determining your EFC amount. The larger your family, the more children in college and your lower the income are all factors in lowering your expected family contribution as much as possible.
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Consider completing your FAFSA information as an independent student, if possible. Independent students are those that meet certain criteria, such as being older than 25, married and having a child who is an active member of the military. Often, as an independent student, your EFC is lower than when factoring in a family's income.
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Achieving an automatic 0 EFC is possible if your maximum adjusted gross income is $15,000 or less. Though, you will still need to complete your FAFSA to be eligible for federal grants, subsidized loans and need-related scholarships.
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Pursue additional avenues to lower your EFC, even after completing your FAFSA. If the results do not reflect actual circumstances, students have a means of recourse. For example, after completing the application, it may appear there is more disposable income than what the family or individual actually realizes. This could be because of recent unemployment or large unexpected expenses not originally accounted for. If so, contact your chosen school's financial aid office directly and together you may be able to lower the EFC.
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Tips & Warnings
If you have pursued all available avenues, were able to lower your expected family contribution as much as possible and are still unable to fund the EFC portion, there are federal loans designed specifically for this purpose. These are made available through the Federal Direct Lending Program.
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