Expected Family Contribution (EFC)

You may have seen the initials EFC as you’ve delved through the mountains of college paperwork.  The EFC, or Expected Family Contribution, is part of the equation that determines how much financial aid you may be eligible for.

Both colleges and the government use the following calculation to determine financial need:

Cost of Attendance – Expected Family Contribution = NEED

There are five core factors that are taken into consideration for calculating the EFC. They are 1) parents’ income, 2) parents’ assets, 3) student’s income, 4) student’s assets, and 5) a category called “other available resources.”  And while these factors impact your EFC the most, Campus Bound counselors will help you examine other factors--family size, number of children in college, and others—that may affect your EFC.  The exact formula involves a complicated weighting system with many colleges adding their own nuances.   Understanding the formula can potentially save you thousands in college costs.

While the financial aid process and eligibility criteria can seem daunting and complex, we have helped hundreds of families find grants, scholarships, work-study programs, federal loans, state loans, and private loans.

It’s worth noting, that depending which schools your child has been accepted to, most financial aid packages will consist of a combination of  grants and loans.   Our financially knowledgeable counselors will assist you in evaluating the benefits and drawbacks of each package received.  Contact us to learn more.