This is the third post out of the series of posts discussing the FAFSA and your EFC as a family. In previous posts we introduced each term. This included defining each and explaining how they tie together. In addition, we explained the financial aid equation including the ultra important role EFC plays in it. We also talked about what information Uncle Sam reviews to calculate your EFC. In this final post, we will focus on the EFC FAFSA Chart we have utilized to estimate your Expected Family Contribution as a family.
This is critical when forecasting what your EFC will be prior to completing the FAFSA. Once again, your Expected Family Contribution (EFC) relates to your family and what the federal government and ultimately the schools feel is the MINIMUM amount you can pay out of your own pocket as a family towards tuition. Learning your approximate EFC can lead to strategizing on how you can possibly reduce it, in turn increasing need.
The below video will show you our EFC FAFSA Chart. This will display the percentage the EFC will count of your non-retirement assets. In addition, what percent of your Adjusted Gross Income from the previous-previous years tax return will be counted.