How do they determine efc
And though the details of the calculation are unlikely to change significantly in the near future, understanding how the formula works can ease some of the shock when you learn your own EFC.
The EFC calculation determines both a parent contribution and a student contribution toward college costs, and then combines them. The formula intends to determine your total financial resources, and then subtract the minimum amount of money your family needs for living expenses each year. It assumes the remaining amount can, in part, be used for college. Here how it works:.
Set that number aside for a moment. Ready to calculation your EFC? Add your Parent Contribution to your Student Contribution. The resulting sum is your family's EFC. Though it doesn't represent the exact amount that you'll pay for college costs, colleges will assume you can contribute this amount when they determine how much financial aid of office to your family. Though you can calculate your EFC by hand using these formula worksheets , you can much more easily use our EFC Calculator to reach the same result.
If you'd like to talk with us once you have your estimated EFC, give us a call. We're happy to walk through the numbers and answer any questions. You can reach us at MEFA Read more on how we are here to help you. Log in. College Savings Plans U.
Plan Prepaid Tuition Program U. Your EFC is not considered here. Many of these scholarships have no household income requirement and are open to all kinds of families, not just low-income ones. Going Merry is your best source to find those external scholarships. Having an EFC of zero does not mean the school will cover the complete cost of attendance which, in your case, equals your financial need.
After the amount your school is covering is subtracted, the remaining amount is called unmet need. One great way to help with this is to apply for outside scholarships. Going Merry is a great way to find and apply for outside scholarships efficiently. Sign up for an account here , or read about how it all works. Once you receive your college admissions letters go you!
We also recommend that you consider what percentage of your aid package is loans that you have to pay back vs.
Remember that the more expensive college based on listed tuition costs may actually still be more affordable for you , if they offer you a more generous aid package. We recommend you start early to make sure college is affordable:. Feeling better about financial aid?
Sign up for a free Going Merry profile so we can match you with the best outside scholarships. Just answer 7 quick questions. No sign-up required. The cost of college includes your direct costs of tuition, fees, residence hall, food but also travel, books and estimated other costs. Financial need is the difference between the cost and the Expected Family Contribution.
The best way to determine what a college may really cost is to find out the net price for that college. This is often much less than the published price.
Take advantage of the Net Price or True Cost Calculator on the websites of the colleges that interest you. These will help you estimate the financial aid and scholarships available to you.