Dear Financial Aid King,
Once I file the FAFSA, it gives me an Expected Family Contribution (EFC). Is that the amount I will pay for college?
Sincerely,
Tired of Acronyms
Dear Tired of Acronyms,
The Financial Aid King gets that very question all the time when he’s out and about in the kingdom speaking to students and parents. He’s considered printing the answer on a T-shirt or maybe even getting a tattoo — EFC would make a pretty sweet back tat.
Anyway, your EFC is a tool that colleges use to determine financial need. What you actually pay is based on the cost of the college you’re applying to and the aid you’ll receive from the college, federal government, and state.
The EFC number you will see from the FAFSA can range from 0 EFC to any number depending on your family’s financial situation.
To know what you’ll really pay, once you’ve been accepted, each college is going to send you a financial aid decision.
Your Expected Family Contribution (EFC) is calculated based on the student’s income and assets, as well as the parents’ income and assets for a dependent student.
Take what you’re being billed — tuition, fees, and room and board (if you live on campus) — and then subtract out the financial aid that you’re going to accept (scholarships, grants, and loans). This will determine what you’ll need to pay to go to that college for the year.
This may equal your EFC or it may be higher or lower.
Keep the faith,
The King
