Tagged with efc in our Blog
When I filled out my FAFSA application years ago for college, I honestly didn’t know how the whole process worked. I just knew that if I filled out the form I would probably get money for college, whether it was loans, grants or scholarships. I honestly completed the FAFSA application and just hoped for the most possible money to cover my college expenses. However, there is a process and method FAFSA uses in calculating financial aid. EFC stands for expected family contribution. Plain and simple, it’s the amount of money the FAFSA expects your family to be able to pay… Read more here!
Ah spring is coming. It's raining more, snowing less, and I think I can smell the stink bugs coming back into my house. Yet nothing is sweeter than the wonderful nectar that FAFSA provides. For those just applying, congrats! For everyone else: stay strong! To help our new FAFSA brothers and sisters, I've decided to put together a quick 101 lesson on the almighty FAFSA. Enjoy. 1. What is FAFSA? FAFSA = Free Application for Federal Student Aid 2. Ok I know what it means; how does it work? Financial Need = Expected Family Contribution (EFC) – Total Cost of… Read more here!
When choosing your financial aid sources from all the different options out there, the FAFSA is one of the key forms you definitely do not want to overlook. This form is required by most colleges and universities to be sent in before attendance, and it is meant to provide you with federal financial assistance towards your education. After making the decision of which school you are going to attend, you should begin the financial aid process immediately. Since you will know the general cost for the school itself, you can make a rough estimate of the financial assistance needed in… Read more here!
It is really important to be aware of the amount of financial aid you will be eligible to receive. To do this, you should calculate your expected family contribution (EFC), the amount of money you and your family will be able to contribute toward your education, which will show you how much financial aid you can get. It is beneficial for you to know what to expect when you fill out the actual FAFSA form, obtaining your official EFC, as it is extremely important to avoid making errors in your responses. Your EFC number determines your eligibility for the Federal… Read more here!
As I’m sure you all know, making college affordable is a crucial aspect in the loan searching process. There are countless financial aid forms to be filled out and submitted by specific dates, and all of this documentation can get pretty overwhelming, to say the very least. The FAFSA and CSS PROFILE forms will determine your EFC (Expected Family Contribution), so they should be carefully filled out and submitted by the designated dates. The CSS PROFILE is available online by October 1st for students interested in early decision, and the FAFSA applications can be submitted beginning on January 1st. Completing… Read more here!
Whether you are sending your first child off to college or your fourth child, everyone can use a little help in getting the most education for the least amount of your own money. 1. Apply. You can't get financial aid if you don't apply. File out of your FAFSA and encourage your child to apply for as many scholarships as they qualify for. 2. If your child's grandparents have been saving money for college, it should be paid directly to the school. This will eliminate gift tax liability. 3. Pay early. Check with your child's school, some schools may offer… Read more here!
Happy New Year! Its time to start filling out the 2010-2011 FAFSA form. When it comes to paying for college, every penny counts. Here are some tips to maximize your financial aid options: Jumpstart the Financial Aid Process. If possible, apply in January as close to the 1st as possible. First Come-First Serve Basis. Once grant money is gone, it's gone. This falls right in line with applying close to the January 1st start date for the 2010-2011 FAFSA. If you are qualified, you cannot receive money that is no longer available. Don't wait until you file your tax return… Read more here!
The cookie cutter formula that determines the amount of financial aid you receive does not take in to consideration extreme circumstances and situations. For example, if your income has changed since you filled out your FAFSA and you cannot afford your expected family contribution (EFC). Fortunately, a financial aid appeal may be able to help change your situation. During a financial aid appeal, you will attempt to demonstrate your circumstances. You will need to demonstrate your current income level and assets. This is necessary to show you cannot afford to pay for your freshman year. More than likely you will… Read more here!
So you have filled out the FAFSA, hit submit, and realized something is incorrect…It’s OK! We all make mistakes! With FAFSA corrections, it is not too late to right a wrong. In order to correct your completed FAFSA form, you will need to go back to your saved online application. Again, this website is www.fafsa.ed.gov. Remember the handy PIN number we spoke about in previous blogs? If you have it readily available, great. If not, you can request your PIN once again. You will then identify the school year that you wish to make corrections to from a drop down… Read more here!
What is EFC? If EFC means nothing to you, chances are you have not filled out a FAFSA application yet. Anyone who fills out a FAFSA application will receive an EFC score. EFC stands for Expected Family Contribution. In short, EFC determines whether or not you are eligible for federal financial aid. The EFC number you receive upon completing the FAFSA form is the amount of money a family can expect to contribute to their child’s post secondary education. The Department of Education then subtracts the EFC from the student’s cost of attending college and that number represents a student’s… Read more here!