Why did my college change my EFC?

Common reasons for a change in the EFC include changes in income, assets, the number of children in college and non-financial information. Changes in the financial aid formula can also cause changes in the EFC. Errors on the financial aid application forms can also affect the EFC.

Can colleges change your EFC?

But even if you’re a dependent, you still can have your EFC adjusted. A lot may change in your family’s financial situation between the tax year reported on the FAFSA and the time that the school year actually starts.

Can you dispute your EFC?

Yes, you can appeal your award You should contact them any time your family’s expected financial contribution (EFC) doesn’t match your ability to pay.

Is your EFC the same for every college?

For the most part, your federal EFC should be pretty similar at each school. If you haven’t yet completed the FAFSA, and want to get an estimate of your EFC, you can use our Expected Family Contribution (EFC) Calculator here.

Why did my financial aid award change?

Changes in funding Your financial aid award is based on projected funding from Federal, State, and Hawkeye sources. If the projected funding is more than the actual funding available, your financial aid award will be adjusted to reflect these changes.

Why was my federal Pell Grant reduced?

Some of the most common reasons your grant funds may be reduced are: You didn’t enroll full time. Pell Grants are prorated for part-time enrollment, You didn’t begin attending all of your classes before the financial aid lock date.

Is an EFC of 20000 good?

The reality is that families with an EFC of $20,000 or more will be expected to pay the equivalent to the tuition at a state school. The table shows some families would qualify for some aid based on an average total cost of $28,000 for public universities.

Can a college correct my FAFSA?

There are four types of FAFSA changes which can be made after submitting the application, which include: Corrections for when a mistake is made. Corrections for when a form was signed using an incorrect Social Security Number. Updates for when a student or family situation has changed.

How long does an EFC appeal take?

How long does the EFC Appeal process take? 6-8 weeks (or less) starting from the date you submit all required documentation. If additional documentation is required, new TASKS auto-display in eServices.

What is a good reason to appeal financial aid?

A parent losing a job or reduction of income. Unexpected medical expenses. Death of a parent. A one-time increase in family’s income reflected in the based FAFSA year (2020)

What does an EFC of 50000 mean?

Expected Family Contribution
Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need. For example, if the total COA (Tuition & Fees, Room and Board, Books, Supplies, etc) at a particular school was $50,000, and the family’s EFC from the FAFSA was $30,000, they would have $20,000 of financial need.

Is the EFC on FAFSA accurate?

You’ll find little help, though, in calling your financial aid office to declare that your EFC is “unfair” if you don’t have a circumstance to prove it. Essentially, many families will find that their EFC is unfair and not an accurate representation of what they think they can really pay.