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The Expected Family Contribution (EFC) calculator previously helped in estimating the student and the family’s contribution towards the cost of attending college for an academic year. Beginning with FAFSA year 2024-25, the Student Aid Index (SAI) has replaced the Expected Family Contribution (EFC) formula. The SAI is similar to the EFC with a ...
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Sep 16, 2024 · What you’re left with is your “net available income.”. Multiply it by 0.47 to get the amount you’re probably going to be expected to spend on college next year. If that’s, say, $40,000, then the aid formulas will anticipate that you can spend $18,800. Second, the formula will look at your parents’ assets.
- EFC Overview
- Need-Based Aid vs. Non-Need-Based Aid
- How COA Affects Financial Aid
- Changes in Expected Family Contribution
- Independent Students
Your EFC is calculated using a formula set by Congress using the financial information you give on your FASFA application, including income, assets, benefits, family size, and the number of family members in college. To help determine your financial need, colleges subtract your EFC from their estimated cost of attendance (COA).
You can receive need-based financial aid if your family meets certain eligibility criteria, but that amount cannot exceed your financial need. This relates to your eligibility for federal student aid programs such as Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), subsidized loans through the William D. Ford Federa...
Your financial need is your college's COA - your EFC. If your EFC is 4,000 and your college's COA is 4,000, you would not be eligible for any need-based financial aid. On the other hand, if your EFC is 4,000 and your college's COA is 10,000, you might be eligible for up to 6,000 in need-based financial aid. That means your financial need can be com...
Your family will be required to complete a FAFSA every year a student is in college and requesting financial assistance. That means your EFC can change each year. If you had to use your savings to cover college costs for the student’s freshman year, that might reduce your EFC for the next year. You may have gotten a raise and increased your EFC. Ha...
The EFC calculation for an independent student doesn't take into account parental financial information like the EFC calculation for a dependent student does, so a student's dependency status must be determined before the EFC is calculated. A student must meet one or more of several qualifying requirements for independent status laid out by the fed...
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May 8, 2020 · It will analyze your parents’ or guardians’ previous year’s tax returns to determine financial eligibility for student aid. If you are over the age of 24 or emancipated, only your tax returns will be used to determine your financial eligibility. Your expected family contribution (EFC) will be used to calculate how much aid you’re ...
Jul 27, 2023 · The Expected Family Contribution (EFC) has played a critical role in how much you’ll pay for your student to attend college. However, a new metric called the Student Aid Index is replacing it starting with the 2024-25 FAFSA, which opened Dec. 31. This EFC guide pertains only to the FAFSA forms for 2023-24 and earlier.
Sep 3, 2022 · The FAFSA EFC Estimator gives you an estimate of your Expected Family Contribution (EFC) for colleges that use the Free Application for Federal Student Aid (FAFSA) to award need-based financial aid for the 2023-24 school year. This interactive tool is for a dependent student eligible to submit the FAFSA. I created the FAFSA EFC Estimator so ...
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With this tool, students can find out how much federal student aid they may be eligible for in the 2025–26 award year. To apply for financial aid, complete the FAFSA ® form. Begin Estimate of Federal Student Aid. The student may want to use the Federal Student Aid Estimator before filling out the FAFSA form to help them understand their ...
