What EFC qualifies for Pell Grant 2022-2023?

5,846 to 6,206
Under this new appropriations legislation, the maximum Pell Grant award will increase from $6,495 to $6,895 for the 2022-2023 award year, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) will increase from 5,846 to 6,206.

What is the maximum EFC to get financial aid?

Expected Family Contribution (EFC) Although there are no FAFSA income limits or maximum income to qualify for financial aid, there is an earnings cap to achieve a zero-dollar EFC.

What is the Pell Grant range?

During the annual congressional appropriations process, the minimum and maximum Pell Grant award levels are established for the upcoming award year. During the 2020-21 award year, Pell Grants ranged from $639 to $6,345. In award year 2021-22, Pell Grant amounts will range from $650 to $6,495.

What does an EFC of 3000 mean?

For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.

Does EFC 0 mean full ride?

Students with a 0 EFC will receive the full Pell Grant amount, which is worth $6,495 as of 2021. Students with a higher EFC may receive a prorated Pell Grant or not be eligible for any Pell Grant funds.

Why is my EFC so high with low income?

If your family has accumulated wealth and investments, your EFC can be high, even if your family’s income is low. This includes checking and savings accounts, bonds and stocks, and even the student’s 529 College Savings Plan. Some kinds of financial assets do not count toward your EFC.

How is EFC calculated?

The student’s EFC is determined by adding the student and spouse’s contribution from available income to their contribution from assets and then dividing the sum by the number in college.

How do you calculate EFC 2020?

EFC Student Contribution

  1. Add up total annual student income.
  2. Subtract allowances for federal taxes, state taxes, and Social Security paid.
  3. Subtract an Income Protection Allowance (IPA).
  4. Determine Student Contribution from Available Income.