EFC of 2698?

Question

I just completed my FAFSA, and my EFC is 2698. Can anyone tell me what this means, and if I will be eligible for any government grants?

Answer 1

An EFC score of 2698 is still a good score because it qualifies you for the Pell Grant still, but you will not receive the maximum amoung allowed on the Pell Grant. Depending on the college tuition, you could get some need based scholarships from their endowment fund, work study program for cash, and federal student loans (best on interest rates compared to private student loans). However, the final amount in your financial aid award is not known until the college gets back to you with their financial aid award letter. I have included two good websites for more information on it. Good luck!

Answer 2

Your EFC is your expected family contribution. It is what your family and you are expected to contribute to your education, generally out of pocket.

The Cost of Attendence - EFC = Financial Need.

If you are going to a four year university then most likely you will have a big financial need. If you are going to a community college then your family can most likely afford to pay your education costs.

This is a fairly low EFC, which means you should get some good financial aid options. This may include loans, grants, scholarships, or work study programs. You do qualify for a Pell Grant but not for the maximum amount.