What is EFC? If EFC means nothing to you, chances are you have not filled out a FAFSA application yet. Anyone who fills out a FAFSA application will receive an EFC score. EFC stands for Expected Family Contribution. In short, EFC determines whether or not you are eligible for federal financial aid.
The EFC number you receive upon completing the FAFSA form is the amount of money a family can expect to contribute to their child’s post secondary education. The Department of Education then subtracts the EFC from the student’s cost of attending college and that number represents a student’s need for federal aid. The EFC formula considers:
- Income
- Assets
- Family Size
- Employment benefits
- Number of college students per household
It is important to remember that EFC is not the amount of money your family will be paying for your college education and it is not the amount of money you receive in financial aid.
EFC scores range from 0 to 9999, the lower the EFC score the better your chances are of receiving federal financial aid. EFC determines your eligibility for loans, grants, and work-study programs.One simple way to cut your EFC? Becoming an independent student. If you are paying for college on your own, using only your information when completing a FAFSA will more than likely qualify you for more financial aid. Dependent students are required to provide their parent’s information while filling out the FAFSA application.
