The Expected Family Contribution (EFC) is a number used to calculate how much financial aid you’re eligible for. The lower your EFC, the more aid you’re likely to receive.
There are a few things you can do to lower your EFC:
- Increase your income. This may seem counterintuitive, but it’s true. If you earn more money, your EFC will go down. This is because the EFC formula assumes that you can contribute more to your education if you have a higher income.
- Decrease your assets. Assets include things like savings, investments, and real estate. If you have a lot of assets, your EFC will be higher. You can lower your EFC by selling off some of your assets.
- Increase your expenses. Expenses include things like tuition, fees, and living costs. If you have a lot of expenses, your EFC will be lower. You can increase your expenses by taking on a part-time job or getting a loan.
- Change your dependency status. If you’re a dependent student, your EFC will be based on your parents’ income and assets. If you’re an independent student, your EFC will be based on your own income and assets. Changing your dependency status can lower your EFC if you’re not dependent on your parents for financial support.
Here are some additional tips for lowering your EFC:
- File your FAFSA early. The earlier you file your FAFSA, the more time you’ll have to make changes to your application. If you wait until the last minute to file, you may not have time to make the changes you need to lower your EFC.
- Provide accurate information. When you file your FAFSA, it’s important to provide accurate information. If you provide inaccurate information, your EFC may be higher than it should be.
- Contact your financial aid office. If you have any questions about your EFC, you can contact your financial aid office. They can help you understand the EFC formula and make sure your EFC is accurate.
You can estimate your EFC using the FAFSA4caster tool on the Federal Student Aid website. This tool will ask you a series of questions about your income, assets, and expenses. Once you’ve answered all of the questions, the tool will provide you with an estimate of your EFC.
It’s important to note that the EFC4caster tool is just an estimate. Your actual EFC may be different. The only way to get an accurate EFC is to file your FAFSA.
If your EFC is too high, you may not be eligible for as much financial aid as you need. There are a few things you can do if your EFC is too high:
- Appeal your EFC. You can appeal your EFC if you believe it’s inaccurate. To appeal your EFC, you’ll need to submit a letter to your financial aid office. In your letter, you’ll need to explain why you believe your EFC is inaccurate.
- Get a professional judgment. If you’re not comfortable appealing your EFC on your own, you can get a professional judgment from a financial aid administrator. A professional judgment is a decision made by a financial aid administrator that can override the EFC formula. To get a professional judgment, you’ll need to provide the financial aid administrator with documentation to support your claim that your EFC is inaccurate.
- Consider private loans. If you don’t qualify for enough financial aid, you may need to consider taking out private loans. Private loans are not as generous as federal loans, but they can help you cover the cost of college.
Lowering your EFC can help you get more financial aid for college. There are a few things you can do to lower your EFC, such as increasing your income, decreasing your assets, increasing your expenses, and changing your dependency status. If your EFC is too high, you can appeal your EFC or get a professional judgment. You can also consider private loans if you don’t qualify for enough financial aid.