What does EFC mean?
EFC is the Expected Family Contribution level determined by the US Department of Education. In short, EFC reflects the family’s ability to pay for college during the award year. It is based on the information provided by the student on the Free Application for Federal Student Aid or confirmed through the verification process. EFC is the sum of the parental contribution (dependent students only) and student contribution. EFC does not reflect what the student or parents may have in “cash on hand,” but the amount the family is expected to pay throughout the award year. Calculate an estimate of your EFC.
EFC stands for ‘Expected Family Contribution’. The Department of Education uses income and asset information from the Free Application for Federal Student Aid (FAFSA) to calculate each student’s EFC. The student’s EFC determines his/her eligibility for need-based aid, such as Federal Pell Grant, Supplemental Education Opportunity Grant, Federal Work-Study, and Federal Subsidized Stafford Loans.
Processed means your application was received and processed by the government. Once the school(s) you selected have received it, they will contact you if you need to provide any other information, such as if you were selected for verification. EFC means Expected Family Contribution. It is the amount of money you and/or your family should be able to contribute to your education in 2009-10, but are not required to. It determines your financial need. A low EFC score (0 is the lowest) means that you have more financial need than others, so you will get more aid from grants like the Pell Grant and more eligibilty for the federal Perkins loan.
EFC means Expected Family Contribution,in dollars. You and (if you’re a dependent student) your parents are expected to pay a certain amount of your cost of education. The EFC is calculated by the U.S. Department of Education. It is based on the amount of taxed income, untaxed income, and assets you and your parents have; your family size; and the number of college students in your family. The EFC is used to consider eligibility for certain types of financial aid, but it does not mean that grants will make up any difference between your cost of education and your EFC. Sometimes,families can not afford the EFC. In those cases, educational loans can be helpful in meeting college costs.
