What happens if your EFC is 0?

Question

My SAR form says my EFC is 0. Does that mean that I have to pay for anything?

Answer 1

You might have to pay something, yes.

Because EFC stands for "Expected Family Contribution," many people mistakenly assume that a zero EFC means that they will literally be expected to pay nothing. This is simply (and perhaps unfortunately) not the case.

Think of your EFC as the amount that the government feels your family can afford to pay for that year's schooling. That's all that this "0" really means. So, just because the government recognizes that you (and/or your family) cannot afford to pay for your education doesn't mean that they (they government or your school) will make up the difference.

Most colleges do not have the means to meet all their students' full need through scholarships, and almost all of the Federal awards have limits that often fall short of tuition costs.

Your $0 EFC *probably* means that you are eligible for most of the aid that your school has to offer for students in your program, including a Pell grant (if you are an undergrad), a Stafford Loan, a Perkins loan, an SEO Grant, and Work-Study. Depending on where you live, you may also receive some aid from your state.

Many of these funds (except Pell -- the amounts for which are set by a specific table that compares your Cost of Attendance to your EFC) are allotted at the school's discretion. These days, there never seems to be enough SEOG, Perkins, and FWS to go around, so it is uncommon for schools to award students to their maximum eligibility -- even to full-need students.

Nonetheless, you should take your EFC as a sign that plenty of people out there feel that you show a good deal of need. Seek out scholarships from your high school, library, or on www.fastweb.com that cater to high-need students.

Answer 2

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RE:
What happens if your EFC is 0?
My SAR form says my EFC is 0. Does that mean that I have to pay for anything?

Answer 3

I have a 0 EFC for grad school. I got a Perkins Loan from the school, and then applied for a student loan to pay the rest.

Answer 4

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ME: A couple of things to know about this: 1) That asterisk next to your EFC score indicates that your FAFSA has been selected for a process known as "verification". Don't be alarmed, because that doesn't mean that there was anything wrong with your application. The laws that administer the federal financial aid program require that 30% of all FAFSA applications must be randomly selected for verification every year. What does this mean to you? It means that the financial aid office will have to review a few documents. They'll send a verification form for you to complete, and the form will explain that you will need to stop by the aid office with signed copies of your 2008 tax return and your parents' 2008 tax return, plus all of your W-2 forms. Schools are free to verify any information that they choose, but they must verify: Household size Number in college Adjusted Gross Income Income taxes paid Certain untaxed income and benefits The first 2 (household size and number in college) will be 'verified' by you, simply by completing the verification form - the other 3 items will be verified by reviewing those tax documents. If the information that you provided on your FAFSA matches the information on your form and your tax docs, the school will determine your aid eligibility based on that zero EFC that you received. If the numbers are different, they'll have to recalculate your EFC score, and your aid will be based on the corrected EFC. (If your numbers are very different, you'll have some explaining to do) As for the EFC of zero: An EFC score of zero tells you two certain things - that your financial aid application classifies you as a student who demonstrates "exceptional need", and that you will qualify for the Pell Grant. Despite what some respondents here may tell you - your EFC score is NOT a measure of "How much you need to pay for college". Therefore, an EFC of zero does not mean that you and your parents must pay zero dollars. An EFC score is an index - an index that allows your school to compare your financial aid need to the financial aid need of all of the other financial aid applicants at your school. Because you have demonstrated "exceptional need", you will receive a Pell Grant of as much as $5300 for the year, depending on the cost of attendance at your school . You have qualified for consideration for other forms of "need-based aid" - these include other, supplementary grants, the Federal Work Study program, and two special loan programs, the Perkins and the subsidized Stafford. Unfortunately, the Pell is the only form of need-based aid that is guaranteed - those other forms of need-based aid are allocated to your school in limited amounts, and your school must distribute them on a case-by-case basis to the most needy students. The chances that you will receive these other forms will depend on how many other students at your school demonstrated "exceptional need". You will also automatically be eligible to borrow up to $5500 from the Stafford Lending program. To apply for the Stafford loan, you will not need to answer questions about income, credit history, or debt to qualify, and you won't be asked for a cosigner. The Stafford is the cheapest, best, and easiest to qualify for student loan available. Your school will send an aid offer letter - some do it by mail - others by email. The letter will notify you what forms of aid your school has available for you - and how much they have to offer. The letter will include detailed instructions on what you'll need to do to accept and receive that aid. There is no reason to call your school - when the aid offers are prepared, you will receive notification. I hope that helps you - good luck with school!

Answer 5

You will have to pay for anything over the grant amount (usually around $4000 a year).

Answer 6

that means they expect your family to pay 0. so you'll probably get a lot of grants and financial aid

Answer 7

I'm curious as well

Answer 8

thanks for the answers EVERYONE <3