How to Calculate EFC on a FAFSA

EFC is a determining factor in how much federal aid you will receive for college.

The Expected Family Contribution (EFC) is the monetary estimation of what you and your family should be able to pay for college based on your financial standing. If you are in the process of filling out your Free Application for Federal Student Aid, commonly known as the FAFSA, you will be given an estimate of your EFC once you have finished the application. If you have not yet begun your FAFSA, you can use an online tool provided by a college resource website like The College Board to calculate your EFC.

Things You'll Need

• EFC calculator tool

Instructions

1. Go to the College Board website at collegeboard.com, and type "EFC Calculator" in the search box. Click the link on the results page that takes you to the EFC calculator tool.

2. Click the drop-down boxes to select your responses to the questions that will determine your status as a dependent or independent student. The questions will ask you information about your financial dependence on your parents or the source for your livelihood.

3. Click the drop-down boxes or insert text into the text boxes to respond to questions regarding your home, finances and family structure. You will be asked to provide detailed information about the members of your household, like their names, ages and status as college students. You must also input your financial information and your parents' financial information.

4. Submit all of your answers, and the the calculator will show you your Estimated Family Contribution.

Tips & Warnings

• Try both the Federal Methodology (FM) and the Institutional Methodology (IM) EFC calculation formulas to estimate your EFC. The FM will focus on federal and state aid, while the IM will focus on specific institutional funding eligibility.

• You may need your and your parents' tax returns to accurately complete the FAFSA.

• The questions in the student status section are date specific, so they will vary from year to year.

References

• The College Board: EFC Calculator

Resources

• Federal Student Aid: Funding Education Beyond High School
• FAFSA: Can I use FAFSA on the Web to estimate my Expected Family Contribution (EFC)?
• FAFSA: Expected Family Contribution (EFC)