What is an EFC, and how is it calculated?

Question

What is an EFC, and how is it calculated?

Answer 1

The Expected Family Contribution (EFC) is how much money your family is expected to pay toward your college education for one year.

Typically, the lower your EFC, the more financial aid you will receive. Factors such as family size, number of family members in college, family savings, and current earnings (information you provide on the FAFSA) are used to calculate this figure.

The same information is also sent to the schools you listed on the FAFSA. The financial aid office will use your EFC to determine your financial need.

Need is defined as the difference between the cost of attending college and your EFC:

   Cost of attendance (COA)

– EFC

= Financial need

Based on that, the financial aid office will prepare a financial aid package and craft a financial award letter.

Answer 2

EFC=estimated family contribution.  This amount is what your family is expected to contribute to higher education.  This is calculated by filling out the FAFSA.  Once it is filled out and submitted, it will tell you your EFC upon completion.  

Here is the FAFSA website as well.  

Hope this helps.