How is the EFC calculated?

It starts with the Free Application for Federal Student Aid (FAFSA). You use it to apply for federal and most state and school financial aid. Your EFC is calculated using a standard formula that uses the information you and your family provide on the FAFSA. You are asked questions about your family size, the number of people in your family that are in college, whether you are a dependent or independent student, and your and your family’s income and assets. Assets are things like cash, checking and savings accounts, ownership of or equity in a business, real estate other than your family home, and investments.

All this information is part of the formula used to calculate your Expected Family Contribution. If your EFC is less than your COA, you may be eligible for need-based financial aid.