my efc came out to be 00162 * what does this mean.?

Question

dodes the astrik (sp?) mean anything?

Answer 1

The asterisk means that your application has been selected for a process called Verification by the FAFSA Central Processing System. This is an official "cross-checking" sort of process of that your school must perform before your financial aid can be disbursed. Essentially, your school is required to compare the information on your FAFSA with the information on your tax returns. You will need to submit copies of your taxes (and w2s), your parents taxes (and W2s), and something called a Verification Worksheet on which you will attest to the number of people in your household and the number of household members in college. Your school will also ask you to declare any untaxed income that you might have earned last year. I would recommend giving your school(s) a call to find out what documents they need and by what deadline.

Don't be concerned that you have been selected for this process. To some extent the selection is random -- any FAFSA filer can be selected. In my experience, CPS most often selects Pell-eligible students and those whose information seems a little bit "off" -- for example, if you say that your parents have 12 children, all of whom are in college, you will probably be selected for verification so your school can confirm this data. Some schools perform Verification on 100% of their federal aid applicants. It's a cumbersome process for everyone (students and schools alike), but it's a good way of ensuring that applicants are honest. Sometimes, it also helps us catch mistakes on the form that could be harmful to the student -- I've definitely caught mistakes that could have have cost students their Pell Grants!

Answer 2

Basically it means that youre poor! No, just kidding. As a student, my efc wasnt much more. That is the amount you/your family is expected to pay towards your cost of living. The cost of living depends on what school you go to. Call the admissions or financial aid office of your school and ask them what the cost of living is. Then you can deduct your efc from the cost of living, and you should recieve somewhere around that number, up to a certain amount.

Answer 3

EFC mean tat is what the family expect to contribute to your school but it is only a estimate and it is usally more than amount. My EFC was 100 but transportion and other expenses add up like clothing, food.

Answer 4

the astrik means you were selected for audit

Answer 5

Your EFC is not the amount that your family will have to pay for college nor is it the amount of federal student aid that you will receive. It is a number used by the school to calculate the amount that your family will be expected to pay for college and the amount of federal student aid you are eligible to receive.

EDIT:
How can you thumbs-down something that is COPY/PASTED directly from the FAFSA website? DUH!!!

Answer 6

The asterisk means your application has been selected for verification. They'll let you know what you are missing (often documents).

00162 means your family is expected to contribute $162 -- but read the other answers for more on that.

Answer 7

ur efc is the amount expected for r family to chip in for ur college payments....the closer to zero it is the better becuz it will allow u to be eligible for many grants such as Pell Grant as well as many scholarships.

Answer 8

1 800 4 FED AID

Call FAFSA and ask

www.fafsa.ed.gov

Answer 9

if this was your answer from your fafsa its your "Expected Family Contribution" and I think from what you put its one hundred and sixty two dollars.