Why is my Expected Family Contribution (EFC) from the FAFSA so high?

Рет қаралды 26,083

4 жыл бұрын

In this video, I will walk you through your Expected Family Contribution, and what to do if it seems too high. Make sure to double check your student aid report and be careful of the IRS data retrieval tool!
*
*
*
The FAFSA Guru has spent 30+ years working in higher education, helping thousands of students find the financial aid they need to make college a reality. She knows exactly what you need to do to maximize your funding and minimize your debt.
Registration for my Financial Aid Academy for the 22/23 year (for parents of high school seniors graduating in 2023) is open! 🙌
This virtual program begins September 1st 2022 and runs through May 31st 2023. But spots will fill up fast!
There are three different levels of service in the Academy for you to choose from, depending on how closely you want to work with me throughout the senior year financial aid process.
✨BASIC, PLUS and PRO.
Last year the PLUS and PRO levels filled up and I had to cut off registration early as I limit the number of families in these levels so that I can provide quality services to them.
___________________
How The Financial Aid Academy was born. 🤩
When I started this business I quickly realized that 90% of my clients and people reaching out to me for questions were parents of high school seniors navigating the overwhelming financial aid process for the first time.
Often times they came to me in sheer panic 😫when the financial aid offers rolled out not knowing how they were going to afford college tuition.
_________________
So I set out to create an AFFORDABLE coaching program specifically for them that spanned the entire senior year to help them:
✅ Get prepared before that time came so there were no surprises
✅ Better understand the financial aid process and feel less stressed navigating it
✅ Fill out the FAFSA and CSS Profile (if required) correctly and avoid common mistakes that could cost them thousands of dollars
✅ Stay on track and not miss important deadlines
✅ Find colleges their families could afford
✅ Access all the financial aid they are entitled to
✅ Maximize their financial aid offers
✅ Feel more secure and confident while having direct access to a professional who has worked in the financial aid field for over 30 years.
I have helped hundreds of families navigate the overwhelming financial aid process and get the best aid offers possible through my Financial Aid Academy.
On average, families who enroll in the Academy receive an additional $25,000 in financial aid over the course of 4 years on top of their regular financial aid offers! 💰
Take advantage of Earlybird discounts while ensuring you have a spot In This years Academy!
Click the link below to learn more.
www.thefafsaguru.com/fafsa-fi...

Пікірлер: 87

@anniep855 Жыл бұрын

Thank you!

@mkelley1897 2 жыл бұрын

This was very helpful. My son didn’t qualify for any grants. Going to request a copy of my SAR

@wilurbean 2 жыл бұрын

I want to know why my efc is nearly 8k.... when I've been without a job going to school full time and I'm 32 years old. Been staying with family and paying with the little savings I have (and have depleted) and a full academic scholarship.

@TheFAFSAGuru 2 жыл бұрын

your EFC can be up to 1/3 of your annual income....many factors are taken into consideration.

@dafneandrade5158 2 жыл бұрын

Hello! My family’s income for 2020 was about 51000 which is almost $4000 less than from 2019. This year I noticed my EFC was about 23000 which was a huge shock since my EFC last year was 2,303. I’m not sure what I could’ve done wrong since we don’t have any assets! There was a question that said “skip questions about assets” and I put yes. Could that have something to do with it? I only put that because we don’t have any. Thank you for the video! Any response would be a tremendous amount of help!

@joannajusto1957 2 жыл бұрын

Hi, I recently did my fasfa, for 2022-23, i am married by separated, which is in confided on what to do, it really has me worried that my efc is more than I what I make monthly almost 2,000 over, should I be worried, since I am separated, I didn’t not declare any of my husbands income, what should I do ?

@miriamart9712 Жыл бұрын

From many KZfaqrs that are experts on the FAFSA they tell us not to use the IRS retrieval because it might not be accurate. Or reflect proper income it's better to do it manually.

@lmurjohnson9684 Жыл бұрын

What if you file joint this year? This is really confusing it any local help

@superchick1893 2 жыл бұрын

Hi My efc = 008910 What does this mean for me? I was determined as “independent” student

@gamesonastick 2 жыл бұрын

DHS won't continue to help because my EFC does not equal 0 regardless of how poverty stricken my family is or the fact I don't have an income because COVID took my job which is why I'm back in school.

@chh1047 Жыл бұрын

I filled FAFSA for my son Income 62 thousand a year they gave 2300 only grant then they bank money assets in my bank account 170 thousand 500 thousand dollar house which is paid then refused to fill FAFSA I did right or wrong

@lychee7061 3 ай бұрын

May I know for example , that my investment has current market value is $500K as today, but I only put my money is $30K in the begining years ago so how I can report my investment value now? because the market is changed all the time, may be negative tomorrow? thanks

@MayraDeloyza1992 4 жыл бұрын

can you do a video for students who are Independent.

@canb4736 3 жыл бұрын

Yes

@TheFAFSAGuru 3 жыл бұрын

Yes! I will for sure!

@shayshanon8032 6 ай бұрын

Hi I just submitted my fasfa and it says my EFC is 2329 I’m not sure if that’s the amount I will be paying or what this is very confusing to me this will be my first time.

@jordanmartucci8418 4 жыл бұрын

Hello, I’m a student and a a dependent. Fafsa is asking how much money I currently have in my bank account, is that going to effect how much they award? Thanks

@TheFAFSAGuru 4 жыл бұрын

Jordan Martucci Yes it will essentially reduce any need-based aid you receive from the school by 20% of whatever you have in your accounts.

@dcasandman 2 жыл бұрын

Old video I know, but out EFC literally looks like I’m a millionaire. Our EFC would almost triple our total debt per month. These college costs are depressing even if I’m prepared.

@TheFAFSAGuru 2 жыл бұрын

I know. It’s awful how high EFC’s can be And very unrealistic. 😩

@willaimchapman3831 Жыл бұрын

do I have to claim my veterans 100% disability nontaxable income on my daughter's FAFSA

@EsmeraldaMacias 3 жыл бұрын

Hi my EFC said 12,400 and I’m confused does this mean I will not be getting financial aid?? I’m so confused I just filed for financial aid, but below from EFC it says initial need but it says -12,400 and well I am not sure what this means.

@TheFAFSAGuru 3 жыл бұрын

That is the number the college financial aid office will use to determine your financial aid award. They take their total cost of attendance and subtract your EFC to come up with your financial need. They then try to package toy with as much need based aid as they can to meet that need. Some colleges will meet it and some won’t it all depends on how much institutional aid they have to offer. You will likely need to borrow some education loans to help pay for college.

@MahamKhan-cu1eb 3 жыл бұрын

mine was 0, and i thought it meant they rejected my aid 😀

@TheFAFSAGuru 3 жыл бұрын

It can be confusing for sure

@ashdavis3131 3 жыл бұрын

I did a net calculator, and my EFC was $7,000...😳😭

@TheFAFSAGuru 3 жыл бұрын

Ya your EFC can be up to 1/3 or more of your annual income, unfortunately.

@roberthayes6788 4 жыл бұрын

I am middle aged.....I have only my mother left....she is on SSI.....what is the most I can make personally and still reciever Fasfa

@TheFAFSAGuru 3 жыл бұрын

I can’t tell you exactly because a lot of different things are taken into consideration but typically as an independent student once you start making more than $15,000 a year you go out of the range for qualifying for free grants from the FAFSA. However every student will always qualify for a direct student loans regardless of income

@lissette9172 4 жыл бұрын

Hi, how to get the FAFSA mailed to you and I also used the IRS tool as well. We got EFC of almost 39000.

@NightSensity123 4 жыл бұрын

How did you see your efc? I got a notification saying mine was too high however no information on how high.

@ramonasaracila2717 3 жыл бұрын

@@NightSensity123 wwwWWWWWwWWWw^

@CGrace-bq3fw 3 жыл бұрын

Crazy. When they go off gross income befor all monthly expenses! Just not right.

@TheFAFSAGuru 3 жыл бұрын

I know, it's frustrating for sure

@chenoamorrison2951 2 жыл бұрын

If you use the data retrieval tool but don’t submit can you unlink it before submitting? Or once you use it that’s it?

@TheFAFSAGuru 2 жыл бұрын

Once you use the IRS tool and link your taxes you can't unlink them

@rossy1759 3 жыл бұрын

Hi. My daughter completed the FAFSA and in the section asking for bank account balances she included a loan, since that was deposited in the account. The loan was for $45,000... bringing our actual assets down to $12,000. Since then we have had to use the loan and now have about it $6,000 in savings. Her EFC is $24,000 but getting an other loan will put us in a big hole. Where we supposed to count the loan?

@TheFAFSAGuru 3 жыл бұрын

Student bank accounts are hit a lot harder than parents, for example the government expects that a student can contribute 20% of whatever they have in their bank accounts towards their education which is why her EFC was so high. Unless you meant that money was in your bank account? I would recommend contacting the financial aid office and letting them know that this money was a loan.

@rossy1759 3 жыл бұрын

@@TheFAFSAGuru thank you for replying. Yes, that money was in our bank account . I contacted the financial aid office at the school and they said I could begin an appeal process but the aid they offer might not be changed even after appealing.

@TheFAFSAGuru 3 жыл бұрын

@@rossy1759 Yes it’s definitely worth a financial aid appeal and there’s other things that you can include in that appeal letter that would be helpful… I offer a short digital course for $49 on how to write an affective financial aid appeal letter you can find it on my website under programs or services, I also do one on one consultations with families and help them actually draft an appeal letter based on their unique circumstances. You can also schedule that on my website or email at tina@thefafsaguru.com.

@CGrace-bq3fw 3 жыл бұрын

Sad. Even for single mom with 3 kids. !

@TheFAFSAGuru 3 жыл бұрын

Remember, you can appeal your financial aid offers and ask for more money

@xpuffycoconutx3772 11 ай бұрын

My efc is 019582, what does that mean and is it bad? Edit: It also says "Keep in mind that it is not the amount of money you will have to pay for college."

@TheFAFSAGuru 10 ай бұрын

colleges subtract that number from their cost of attendance to determine your financial need.... then meet anywhere from 30% to 100% of that financial need depending on the college.

@sunshineforever02 2 жыл бұрын

Hello. I am still a freshman in college. I have just completed my fafsa for 2022-2023 school year and it is my second time applying for fafsa. Last year my EFC was zero so I received the full amount of the federal pell grants. But this time I don't understand why my EFC is 50% of the federal pell grants. I am a full time student. I have no income. There is only one parent that is working and earns 30k+ per year only. I am just so confused about what increased my EFC.

@choseniverson-wilson9786 2 жыл бұрын

I'm experiencing the same thing.

@TheFAFSAGuru 2 жыл бұрын

There must have been an increase in parents income or assets as compared to the prior year.

@investmentbo9721 Жыл бұрын

Same here

@gsabella4 4 жыл бұрын

Family income of $139k and assets of only $6k, think they should file a FAFSA to go back to school for money management. Yikes!

@stephaniedelarosa1400 Жыл бұрын

Hello, For the year 2022-2023 my EFC was 0. I file independent, but for year 2023-2024 my EFC went up to 10983 I filed independence as well. Does this mean I won’t get Financial Aid ?

@TheFAFSAGuru Жыл бұрын

It likely went up because you had an increase in income or assets... and it will change the amount of financial aid you get, you aren't eligible for the pell grant with an EFC that high. Make sure yo u didn't make a mistake on the FAFSA

@davisyu6816 3 жыл бұрын

So if I get a EFC number of 743, I onlyneed pay something amongst $743?

@abbigailking3856 3 жыл бұрын

Short answer, yes.. kind of. Just because you may be paying only $743 for the year, if you don't have any scholarships or grants, the rest of your COA will have to be paid with loans.

@TheFAFSAGuru 3 жыл бұрын

That is just an estimate of what you will be expected to pay, it could be more or less depending on the college(s) that you are applying to

@rl7880 Жыл бұрын

Hahahah, "Call the IRS." They do not answer the phone any longer.

@shonenzoro2306 2 жыл бұрын

So I completed the EFC of 032265, so I have to pay $32,265!!!!!! I am confused. I am in a family of 7 and we make around $85,000 a year and I don’t understand. Help me please

@TheFAFSAGuru 2 жыл бұрын

It's common for you EFC to be up to 1/3 of your annual income, which is crazy I know. It doesn't mean this is the bottom line, but colleges will use it to determine your financial aid award. It does seem a bit high for a family of 7 though . you might want to doublecheck the FAFSA for accuracy

@shonenzoro2306 2 жыл бұрын

@@TheFAFSAGuru I will be the first in my family to go into college so is that a reason why

@VAB-ry8js 2 жыл бұрын

My son’s EFC is 227166! I’n divorced and made 93k in 2019. Why is it so high?

@neonlites538 2 жыл бұрын

@@VAB-ry8js That is way too high you should probably check with the irs why it’s so high

@user-ib3wf6lz3x 4 жыл бұрын

Hi the FAFSA Guru! I am a Green Card Holder-2020. Can I apply for scholarship for my child who is high school senior now? Thank you!

@TheFAFSAGuru 4 жыл бұрын

Людмила Каюмова as long as your child is a green card holder he/she can fill out the FAFSA If your son/daughter doesn’t have green card yet then you have to wait for that first

@user-ib3wf6lz3x 4 жыл бұрын

@@TheFAFSAGuru Thanks again!

@TheFAFSAGuru 4 жыл бұрын

Людмила Каюмова you’re welcome!!

@nenaleon3502 3 жыл бұрын

@@user-ib3wf6lz3x here in Oregon there is something called ORSAA for undocumented students. I dont know if all states have their own application

@user-ib3wf6lz3x 3 жыл бұрын

@@nenaleon3502 thank you!!

@MrSkittles143allday 2 жыл бұрын

I did my fafsa and my efc was 925 what does that mean?

@johnster7161 Жыл бұрын

It means your family is expected to contribute $925 towards tuition

@SittingPRETTY727 3 жыл бұрын

What help does military families receives ?

@abbigailking3856 3 жыл бұрын

literally none... i am a military dependent. Only help would be from in state VA if your parent died or was disabled in the military. Different states VA have different awards and I'm not sure if all states have awards

@TheFAFSAGuru 3 жыл бұрын

Veterans can use the GI Bill if they are eligible which gives them a certain amount of money each month and sometimes they can pass it on to dependents, it depends on the type of GI Bill they are eligible for

@TheFAFSAGuru 3 жыл бұрын

thanks for helping out with your reply!

@SittingPRETTY727 3 жыл бұрын

@@abbigailking3856 I believe they only have the MYCAA scholarship but it only works for certain programs

@grantsimon9348 3 жыл бұрын

This is what i think happened to me yikes

@TheFAFSAGuru 3 жыл бұрын

Ya it's scary seeing that EFC sometimes for familes

@kevincarricato3566 2 жыл бұрын

Is the EFC per child? I have twins attending different colleges. Is it based on our ajusted gross income?

@TheFAFSAGuru 2 жыл бұрын

The EFC will be split in half if you have 2 in college. and it is based on your AGI and assets along with student income and assets...

@taco14king 3 жыл бұрын

I got 000000 what does that mean

@foxythefan9293 3 жыл бұрын

If your Expected Family Contribution(EFC) is 000000 then you will receive a larger financial aid. It's most likely you'll qualify for a Pell Grant or the Federal Supplemental Educational Opportunity Grant(FSEOG). You should check your Student Aid Report(SAR) on your FAFSA to see how much you can receive.

@abbigailking3856 3 жыл бұрын

Certain schools will give you a full ride with that, I recommend checking into local private schools because they give out full rides for 0 EFC more than public schools do

@jaydonm6995 2 жыл бұрын

Hi good day, I’ve been wondering if my EFC=25 whats my maximum pell grant from that? thank you!!!

@TheFAFSAGuru 2 жыл бұрын

it goes by a number of other factors on your FAFSA but with an EFC that low you should qualify for close to the maximum of $6495 for the year if you're planning on attending full time.