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The FAFSA Approval Page is Not Your Financial Aid Award PageAfter you have completed the FAFSA application online, it will take you to a confirmation page. You will get a lot of helpful information on this page. Give it a good read. However, most people get confused by two sections on that page:
- Expected Family Contribution (EFC) (bottom left): FAFSA uses the information you put on the site to calculate your EFC. You must keep in mind that the EFC, in most cases, is not the amount of money your family needs to pay for college. Hence, if you get zero EFC, that does not mean that you do not have to pay anything. Instead, the EFC is an index number. Financial aid offices use it to calculate how much financial aid you will receive if you attended their college.
- Federal Aid Estimates (bottom right): The FAFSA confirmation page gives you a federal aid estimate. It is based on the information you add to your FAFSA. You must remember that these figures are truly only estimates. Additionally, they assume the information you put on the FAFSA is correct. Therefore, any mistakes will result in an incorrect estimation!