WebSep 12, 2024 · A family’s best safeguard against being pulled underwater by college costs is to become fully educated about the college financial aid system. That education starts with an understanding of a special number, EFC (Expected Family Contribution), a measure of what a family can contribute toward college costs each year. WebJan 21, 2015 · The parental EFC is divided by the number of students in college, and is part of each student’s EFC with the individual student’s EFC added to it. So if your parents have an EFC of $60K with 3 in college, none of whom make enough money or have any assets to have an EFC, means the EFC is $20K per student. Not always so for PROFILE schools.
What is EFC (and Why Does it Matter)? - My College Planning Team
WebWhen a family has two or more children attending college at the same time, the calculated Parent Contribution is allocated among all the children attending college. Remember, … WebOct 8, 2024 · This means low-income students will often be eligible for more financial aid. For example: Say your EFC is $15,000 and your school’s cost of attendance is $40,000. … the posh fish and chips penarth
EFC for Multiple Children — How to Pay for College
WebHow is the EFC calculated? EFC is calculated by looking at how much money your family has, how big your family is, and how many people in your family are in college. The federal government uses a formula called Federal Methodology to determine your eligibility for federal financial aid. WebMay 31, 2024 · The federal financial aid formula is based, in part, on your income two calendar years before the start of the school year. So, it helps to maximize your income before January 1 of your child's... WebMar 11, 2024 · Though there’s no specific formula for it, assume that a private school will expect to capture at least 60% of the family’s EFC (as calculated by the Profile) if the family has two college students. Public schools generally consider the EFC to be equally divided … the posh fish and chip shop cardiff