How is the EFC on a FAfsa determined?

Question

can the amount of taxes pain by both parents affect a students EFC??

Answer 1

Only the government has the exact formula, but I can tell you that your household income plays a major contributor as well as the student's income and lastly assets that the family and student own. What doesn't go into account in figuring the EFC is stuff like, credit card debts, house loans, and auto loans. I hope this helps. If your EFC seems very high, then welcome to the club.

Answer 2

It's a formula they come up with that involves both income, deductions and taxes paid.