We also recommend that you consider what percentage of your aid package is loans that you have to pay back vs. Remember that the more expensive college based on listed tuition costs may actually still be more affordable for you , if they offer you a more generous aid package. We recommend you start early to make sure college is affordable:. Feeling better about financial aid? Sign up for a free Going Merry profile so we can match you with the best outside scholarships. Just answer 7 quick questions.
No sign-up required. Back to all posts. Shalon B. Categories: Financial Aid. Jump to:. What is the EFC? Start thinking about college affordability now.
Author Recent Posts. Shalon is a content writer for Going Merry. Our team personally vets every college scholarship listed on our website as your one-stop shop for scholarships. You can find your EFC located on the top-right of your student aid report. Every school uses your EFC to determine the amount of aid you qualify for. You can use the following chart to get an estimate of your EFC. The EFC in the table is based on parental income only. It does not consider assets or untaxed income.
A full chart can be found here. If your EFC is zero, you will see multiple zeros in a row on your student aid report. Students who are considered independent from their parents also get a 0 EFC.
They are considered full-need students. There are many ways a student can qualify as independent. Here are a few of them:. If your EFC is zero, you qualify for more financial aid. The reality is that there are some significant shortcomings to the formula and these days, middle income families are often the ones that struggle the most with their EFC. Presuming your student is a dependent, it will include your assets like savings accounts, as well as benefits like social security, and of course, your income.
It will take into account how many people there are in your household, as well as how many of those people are enrolled in college. It will also not be affected by your outstanding debt, from your mortgage to car loans to credit cards.
Your income and household members are easily the factors that will have the biggest impact on the your EFC. For this reason, you should anticipate that your EFC number may vary from year to year. Your EFC will be listed as a number that can be translated into dollars. An EFC of 0 would be listed as multiple zeros. As far as financing college — everything. Colleges will use it to calculate your financial need. They will subtract your EFC from the Cost of Attendance and that bottom number will be considered to be your financial need for that college.
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