Gather the necessary information. In addition to basic information such as your parent's ages and your number of siblings, you will also need to know your yearly income, your parent's yearly income, and the value of any assets that your parents have (such as businesses or real estate).
Click on the "EFC calculator" found in the resources section of this article.
Scroll to the bottom of the page and locate the EFC calculator table. Select the year for which you are applying in the drop-down menu, beside the phrase "Table Year."
Select whether your student status is "dependent" or "independent." In order to qualify for independent status, you must meet certain eligibility requirements. For a complete list of these requirements, refer to the "independent status qualifications" found in the resources section of this article.
Fill out the remainder of the EFC calculator with the information gathered in step one and click "calculate." Your EFC estimate will be automatically displayed.