College Affordability:
Estimate Your EFC

What is my Expected Family Contribution (EFC)?
Colleges expect students to contribute towards the cost of their education based on what their family can afford to pay. The purpose of a college's financial aid system is to cover the gap between what your family can pay and the total cost of attendance. 

How do colleges determine how much your family can afford to pay?
Colleges use a formula established by law or by the university to determine your Expected Family Contribution (EFC). Colleges use the Free Application for Federal Student Aid (FAFSA) and sometimes the CSS Profile to obtain and process information and calculate your EFC. 

How is my EFC calculated?
Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or social security) are all considered in the formula. Your family size and the number of family members attending college during the year are also considered.

How is the EFC used for financial aid?
After your EFC is calculated, it will be used by college financial aid offices to determine how much financial aid you are eligible to receive. They do so by subtracting your EFC from the college's cost of attendance. The gap is your financial need or the amount of financial aid you are eligible to receive. See the formula below. 

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KEY MESSAGE: It's important to know what your EFC is in order to make your family aware of what might be their expected share of the cost of your college education. Your EFC also gives you a sense of your eligibility for financial aid.

So, how do you find out what your Expected Family Contribution (EFC) is?

Use an EFC calculator to get an early estimate of your EFC. 
Using EFC Calculators
You must complete the FAFSA (and sometimes the CSS Profile) during your senior year to calculate your official EFC and apply for financial aid. However, you can use EFC calculators to get an early estimate of your EFC to help you plan. To get an estimate of your EFC complete the Federal Student Aid Estimator or the College Board's EFC Calculator. 

Note: The College Board gives you the option of using two different methodologies (formulas): federal, which is what the FAFSA uses, and institutional, which is what colleges who use the CSS Profile utilize.  

ENGLISH Federal Student Aid Estimator

More info about the College Board calculator here.
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Directions: 
Complete the English or Spanish version of the Federal Student Aid Estimator found above using your family's most recent and accurate financial information to get your estimated EFC. Make sure you save your results by clicking "Print or Download PDF" and saving the PDF. Read through your results and share them with your mentors to review them and ask questions.

Hint: You can find your estimated EFC at the top of the final page in a dark blue box.
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