What Is a Good EFC Number

What Is a Good EFC Number? What Is a Good EFC Number? Most parents misunderstand how an EFC number is used and it is generally assumed that a low EFC number is a better number. In general, a lower EFC number will result in a higher award from the government. EFC numbers are calculated by schools using the same scale as does the government. Once your FAFSA form is received, the schools arrive at a number between 0 and 4617 that will result in a federal student aid grant for the following academic year. Related Articles What Does My EFC Code for Financial Aid Mean? What Does My EFC Code for Financial Aid Mean? EFC Tables and Data EFC Tables and Data How to Reduce Your Expected Family Contribution How to Reduce Your Expected Family Contribution Any person with an EFC number at 0 will receive the maximum amount of student aid, while a number over 5273 will result in no aid at all. The numbers, and the amount awarded, fluctuate annually. The closer you can get to zero, the more federal dollars you'll have to help pay for tuition and fees. However, if your family receives a low EFC number that is still higher than what is affordable, it is not a good EFC number. For example, an EFC number of 500 means that your family is expected to pay at least $500 to cover tuition and fees, and you may be eligible to receive aid to cover tuition up to that amount. Even though 500 is a fairly low EFC number, if your family already lives on a tight budget, finding an extra $500 may seem impossible, making it a bad EFC number. Ways to Make Your EFC Number Better Your EFC number is factored by taking into account family size, including the number of family members currently enrolled in college, parental income and assets and student income and assets. There is no easy way to lower your EFC number without hiding assets and engaging in other illegal activity. If you plan in advance, you may be able to slightly lower your EFC by: Paying off debt Not placing savings accounts in the student's name Reducing assets by purchasing big ticket items before the FAFSA is filled out Having grandparents, instead of parents, establish 529 college savings plans Enrolling more family members, such as parents, in college.