Knowing your EFC is critically important before beginning your college planning process. EFC stands for Expected Family Contribution and determines how much your family must pay on top of any type of financial aid that may be provided. The EFC is the result of a formula that looks at many aspects of a household’s financial status including:
- Family income
- Accumulated savings
- Amount of taxes paid
- Family size
- The number of children simultaneously enrolled in college
- The age of the older parent and how close they may be to retirement
- The student’s own financial resources
To find out your EFC, try an EFC Calculator. Get College Funding has a free EFC calculator called the EFC Wizard that will calculate your personal EFC. Check it out here: www.LearnYourEFC.org
The financial aid process may seem daunting, but there are resources and companies such as Get College Funding that specialize in helping you evaluate your finances and apply for the appropriate aid packages. Also check out Get College Funding’s free download — Guide to College Financial Aid that can help you learn more about the college financial aid process.
Links
www.LearnYourEFC.org
www.GetCollegeFunding.org
