EFC is expected family contribution. That is the amount of money you are expected to pay out of your pocket for school. You can do this either with savings or loans. I found that if I plan just right, and buy my books online, there should be nothing to worry about.
I filled out my fafsa yesterday and it gave me a EFC of 766....what does this mean? Do you know about how much money will I get?
Put it this way, an EFC under $1000 is spectacular. My EFC has always been around $10,000 (and I really don't make that much money to justify that after basic living expenses are paid) Whatever the Federal goverment's secret calculation is to determine EFC, it blows my mind.
It means you are very lucky and will get pell money. My EFC for 08/09 is $7,000 and I have been unemployed for over a year.
You cannot make up your EFC with loans. Your EFC drops the total amount of aid that is available to you. If your cost of attendance is $10,000 (usually includes tution, books, room and board, plus various expenses) and your EFC is $5,000 that means that you can only get $5,000 worth of financial aid TOTAL, including loans, scholarships, and grants.
Thanks to my ridiculously high EFC I can only take out a total of about $5,000 aid for 08/09. That's $2500 a semester and my tuition alone is around $1200. It doesn't leave much for other expenses and I have to drive 70 miles a day to get to school.
An EFC of 766 would be a dream. Don't worry about it. A $766 reduction in the amount of aid available to you won't be a problem. They usually estimate books based on campus bookstore prices, but you can get your books from ebay or amazon market place for a fraction of the price. That will easily offset a $766 EFC.