Through your university and education loan application process, youвЂ™ll likely encounter some unfamiliar terms and acronyms. EFC could be among those acronyms also itвЂ™s discovered right when you look at the Free Application for pupil Aid (FAFSA).
EFC means Anticipated Family Contribution. Here is the quantity payday loans California family is anticipated to add toward your college training. The Department of Education makes use of this number to ascertain your вЂњFinancial want,вЂќ which influences the kinds of federal, state, and institutional assist you have access to and, in some instances, the total amount.
How do you determine my EFC?
You donвЂ™t have actually to determine your anticipated household share all on your own. Your EFC quantity is set through information you distribute in your FAFSA, therefore youвЂ™ll have to fill that form out entirely and accurately to make certain your EFC is determined precisely.
A few facets regarding your home are thought to determine your anticipated household share, causing an вЂњindexвЂќ quantity that represents your family membersвЂ™s overall economic вЂњstrength.вЂќ