Explore your options early
Paying for college requires planning—start now using My EFC. Based on the data you provide, My EFC will calculate your expected family contribution (EFC), a figure used to determine your eligibility for need-based financial aid.
About My EFC iPhone app
The My EFC calculator is a free iPhone app that provides an estimate of your EFC—the amount your family is expected to contribute toward your college education for one year—based on factors such as marital and dependency status as well as household size and income. In minutes you can obtain an estimate of your EFC and find out if you could be eligible for a Federal Pell Grant. You can also experiment with My EFC by changing the parameters to calculate a new estimate.
Download My EFC iPhone app free at the iTunes store.
Please note: The results calculated by My EFC are only estimates based on a formula derived from the 2011–2012 Free Application for Federal Student Aid (FAFSA). To obtain official results and apply for financial aid, go to www.fafsa.gov to complete the FAFSA.
How is EFC used?
Once you complete and submit the FAFSA, the federal government will determine your official EFC, which is provided to you in a Student Aid Report (SAR). Your EFC is also sent to each college you are interested in attending. The financial aid office at each of these schools will subtract your EFC from the school’s Cost of Attendance (COA) to determine your financial need. Based on this calculation, they will put together a financial aid package for you and send you an award letter that describes this package in detail. Typically, the lower your EFC, the more need-based financial aid you will be eligible to receive.
Learn more about financial aid at our Financial Awareness Basics (FAB) website.
Understand your financial aid package
There are three types of federal student aid that may be included in your financial aid package: grants, work-study, and loans.
A grant is a type of financial aid that doesn't have to be repaid unless you are awarded funds incorrectly or you withdraw from school early. The Federal Pell Grant is one example.
The Federal Work-Study (FWS) Program provides jobs for students who demonstrate financial need. Under the FWS Program, you can work part-time to earn money for your education.
Student loans, unlike grants and work-study, are borrowed money that must be repaid with interest, just like car loans and home mortgages. Learn more about student loan types.
