After you complete your Free Application for Federal Student Aid (FAFSA), the United States Education Department will have the data calculated based on a prescribed formula that is created and approved by the United States Congress. The result of the data is a numeric value that is known as the Expected Family Contribution (EFC).
The EFC is used to assess how much a family would be expected to pay for a single academic year (9 Month Fall & Spring Semester Term, 3 Quarter Terms, 30 week Non Term Clock Hours) out of their pocket towards a college education.
You will receive a Student Aid Report (SAR) in the mail. It will contain the EFC on the upper right corner of the first page. Take the EFC number and enter it into the Cost of Attendance worksheet . I encourage you to save one worksheet for each school, college or university you intend to explore for application.
Our next blog will encompass understanding the makeup of the Cost of Attendance and what you really should know about direct and indirect cost of going to college. Stay Tune.