September 10, 2009

How is my EFC calculated?

Posted in FAFSA, Parent PLUS Loans, Private Loans, Saving for College, Scholarships, Stafford Loans, The Financial Aid Process tagged , , , at 1:22 PM by Joe From Boston


Calculate your EFC

Calculate your EFC

The EFC, or Expected Family Contribution is the amount you and your family is expected to contribute towards college education.

The federal government gives you an official federal EFC calculation after you have complete the FAFSA form.  This calculation determines family resources available from a family’s income (less allowances for taxes and living expenses) and assets (less allowances for retirement).  A percentage of these available amounts are earmarked as EFC. Read more about the Cost and your EFC.

The EFC formula is used to determine the EFC and ultimately determine the need for assistance from the following types of federal student financial assistance: Federal Pell Grants, subsidized Stafford Loans (though the William D. Ford Federal Direct Loan [DL] Program or through the Federal Family Education Loan Program [FFEL]), and assistance from the “campus-based” programs—Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Perkins Loans, and Federal Work-Study (FWS).