Expected Family Contribution (EFC)
Total amount of money a student/family is supposedly able to contribute toward college costs in a given academic year according to the Federal Methodology
. Your EFC is calculated each year after filing the FAFSA, and is used by the federal government, your state, and colleges to determine eligibility for need-based gift aid. Typically the lower the EFC, the higher the need-based gift. Remember that the federal formula used to calculate the EFC doesn't just look at parent income and assets, but also looks at the student's income and assets. To determine your need, a college will look at the total Cost of Attendance (COA) and subtract your EFC. So, for instance:
Total Need= $15,000
Again, to get your EFC you must file the FAFSA (www.fafsa.gov). Everyone thinking of going to college should file a FAFSA.
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