Check: 2024 Student Aid Index Chart (Old EFC Chart)

The EFC’s unclear nature has prompted lawmakers to decide to change it. In actuality, though, the shift is primarily semantic.

The fundamentals of the formula that calculates the outcome won’t change. But some changes to the system brought about by the FAFSA Simplification Act would alter how colleges determine a student’s financial needs.

2024-student-aid-index-chart-formerly-efc-chart
Free photo puzzled students in library from freepik

New Pell Grant Requirement

A multiple of the federal poverty level will determine a student’s eligibility for Pell Grants. Families with earnings ranging from 0% to 175% to 400% of the federal poverty threshold may be eligible. Students who are incarcerated will also be qualified for the Pell Grant.

Student Aid Index Chart (Formerly EFC Chart)

This graphic displays your student aid index, your family-adjusted gross income (AGI), and the number of dependent children you have. You will be eligible for less student aid the higher your SAI number is.

  • Green: Qualified for need-based funding at elite 2-year, 4-year, and 4-year public and private colleges.
  • Yellow: Qualified for need-based funding at elite 4-year public and private colleges
  • Orange: Qualified for need-based funding at prestigious, private 4-year colleges
  • Red: Awarded need-based funding by Elite Colleges
  • Purple: Ineligible for No-Cost Aid

How is the Student Aid Index (SAI) calculated?

For dependent students:

Parents’ Contribution from Income + Parents’ Contribution from Assets + Student’s Contribution from Income + Student’s Contribution from Assets

For independent students:

Student’s Contribution from Income + Student’s Contribution from Assets

What is SAI range?

With no upper limit, the SAI can fall as low as -1500. Student Financial Aid can compare and contrast students to determine which ones are eligible for aid by using the SAI as an index number. According to federal logic, a student’s financial need increases with a lower SAI.

How do colleges use Sai?

Each family’s FAFSA data is input into a common calculation to determine the SAI. Each student’s SAI is used by colleges and universities to check their eligibility for financial aid, after which they generate a financial aid offer.

Federal Student Aid Estimator

Final Words

By examining the SAI Chart, we may observe a few modifications. As compared to previous years, the SAI values are lower as of 2017 (using the EFC computation). For incomes over around $50,000, the figures are larger than in 2023–2024. This appears to be partially caused by the removal of the state income tax allowance, which had a greater effect than anticipated.

It seems that every extra child lowers the Student Aid Index (SAI) by roughly $3,000.

SAI rises by $3,000 for every $10,000 increase in parent income (except for AGI under $80,000, where it ranges from approximately $1,750 to approximately $2,750, primarily the former).

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