Hi folks, I'm trying to understand how my Expected Family Contribution (EFC) compares to the Student Aid Index (SAI) and how each of these figures will impact my financial aid offers. Is one more important than the other when colleges determine my aid package? Any clarity on this would be super helpful, especially if you’ve gone through figuring this out yourself. Thanks in advance!
The Expected Family Contribution (EFC) and the Student Aid Index (SAI) are essentially two sides of the same coin, used to determine your eligibility for financial aid. The EFC has been the term used until recently, when the FAFSA changes started coming into effect. Now, the EFC is being replaced by the SAI. The purpose behind the renaming is to eliminate the confusion surrounding the term 'contribution' as it implies a family's ability to pay, not eligibility for aid.
The SAI will serve a very similar function to the EFC. It's a number that's calculated based on your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security). It also considers family size and the number of family members who will attend college during the year. The SAI is used to determine your eligibility for need-based federal financial aid and serves as a starting point for colleges to determine your financial aid package.
Both figures don't directly dictate the exact amount of aid you'll receive; instead, they provide colleges with an estimate of your family's financial capacity to contribute to your education. Your actual aid package may vary, as each college has its own policies for awarding institutional aid, including grants, scholarships, and work-study programs. In short, while the labels are changing, the purpose and the way your aid gets calculated remain consistent: they are key factors in determining the aid you are eligible to receive.
For more on the difference between the two, check out this CollegeVine article: https://blog.collegevine.com/sai-vs-efc
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