What should I know about my "expected family contribution" (EFC)?
Your financial aid award(s) are determined by your cost of education and financial need. Determining your financial need, also known as need analysis, uses the information contained on your FAFSA which is legislated by the U. S. Congress.
If the needs analysis shows that the cost of education exceeds the amount you and your family can contribute, you will qualify for financial aid. The need analysis formula utilizes parents' and a students' income, assets, savings, taxes, and other mandatory living expenses to determine.
In addition, parents' ages and need for retirement income, number of dependents in the household, and the dependents enrolled in college also are considered.
The EFC figure is not an actual amount that you (or your parents) have to pay, but it is an approximation of how much you (and your parents) should reasonably be able to contribute toward your educational expenses.
If at the time of completing the FAFSA you are married, you will be required to provide your and your spouse's income and asset information. The EFC will be calculated using your combined resources.
If the needs analysis shows that the cost of education exceeds the amount you and your family can contribute, you will qualify for financial aid.
Costs of Education $21,000
Less EFC $ 1,000
TOTAL NEED $20,000
Thank you for your feedback. Click Here to submit again.