How to Estimate Your Estimated Family Contribution for College Financial Aid

Your expected family contribution (EFC) is the amount of money the Federal government requires your family to contribute towards the cost of your education. The amount of the expected family contribution depends on several factors, such as family size, net income and net assets. And after you figure out your expected family contribution, you can figure out how much financial aid you're eligible for.

Instructions

    • 1

      Use CollegeToolKit's two-page Expected Family Contribution (EFC) Calculator to get an estimate of your expected family contribution (see Resources). The first page of the calculator asks for family information, and parent and student income. The second page of the calculator requests parent and student tax information. After completing the two pages of the calculator, the utility generates a summary of your financial information and provides you with an estimate of your expected family contribution and the amount of the Pell Grant you're eligible to receive.

    • 2

      Use the Expected Family Contribution (EFC) Calculator on FinAid's website to get an estimate of your expected family contribution (see Resources). The calculator includes a section for determining the student's enrollment and dependency status, a section for family size, a section for parental income and a section for student income. After completing the aforementioned sections, just fill out the "Estimated School Costs" and then click "Calculate" to generate an estimate of your expected family contribution.

    • 3

      Make an estimate of your expected family contribution for financial aid, using the estimation charts on VSAC's (Vermont Student Assistance Corporation) website. Simply select the chart that corresponds with your family's net assets bracket. Then pinpoint an estimate on the chart, by locating your family's size and net income.

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