How to Reduce Your Expected Family Contribution (EFC)
If you are on your way to college and are short on money you will want to know how to reduce your expected family contribution (EFC).
Your expected family contribution is based on many factors combined so it is difficult to calculate what the EFC will be ahead of time, but you can try to reduce your EFC based on general knowledge.
Read the steps below to go through some basic methods to help reduce your expected family contribution.
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Instructions
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Read the expected family contribution form carefully and consider each field carefully before filling anything out. This is the first step of how to reduce your family contribution. Don't fill in fields haphazardly or you can make costly mistakes.
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Consider carefully when to send in the expected family contribution form. Schedule it so that you have the least income and assets at that time. For example, if you know your parent is getting a new job soon or will be getting a big sum of money soon, apply for the EFC first.
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Look at the form and see which assets are counted and which are not. Try to jungle your assets so that, according to the form, you have as few assets as possible.
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Consider applying more than one child or a parent in college at the same time. The more family members in college, the less your expected family contribution (EFC). So now would be a good time for a parent to go back to school.
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Don't lie!
It is very important to be accurate and truthful in applying for the Expected Family Contribution. Filling out false information can lead to very harsh legal penalties. Don't do it!
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Consider changing your student status from dependant to independent. This would mean that you will be filling out your family information instead of your parents' (i.e. you and your spouse).
The criteria for being considered independent are strict and the process is not easy. So don't make this decision lightly.
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If you feel there is a special consideration for reducing your expected family contribution, talk to the financial aid department of the college or university you are applying for.
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If all else fails, you can apply for federal loans or grants and scholarships to help you pay for your college education.
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Tips & Warnings
Do not falsify information!
