Most people believe the EFC to be one number, but it is the sum of four significant calculations. The Expected Family Contribution is calculated using two standard methodologies for needs analysis: Federal Methodology and Institutional Methodology. After all, you can’t make a realistic plan to cover the student’s share if you don’t have any idea what the student’s share could be. Understand your EFC Calculation. The EFC is the Expected Family Contribution, which is derived when you complete the FAFSA. The results provided by this Quick EFC calculator are only an approximation of the Federal EFC figure that is calculated when you file the FAFSA form.If you need a more accurate calculator use Finaid’s Expected Family Contribution (EFC) calculator, which implements the Federal Need Analysis Methodology. Our EFC chart breaks down the Expected Family Contribution so that parents and students can understand what details are involved in this calculation … EFC Formula. The EFC is calculated using a formula established by law. Launch the EstimatorHow It WorksAfter you answer the basic questions describing your family circumstances, the estimator will provide information about both the amount your family would be expected to contribute toward your college costs as well as the aid you could receive from Princeton. The EFC Calculator is based on the same formula the federal government uses to calculate your EFC. Because the EFC formula for a dependent student uses parental data and the two formulas for independent students do not, the first step in calculating a student’s EFC is to determine his or her dependency status. The EFC formula is updated annually by the government. The EFC is not necessarily the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. How Schools Calculate the EFC. The cost of college includes your direct costs of tuition, fees, residence hall, food but also travel, books and estimated other costs. To get started, watch the instructional video to learn how to calculate your EFC and learn more about the other resources on this page. To calculate someone’s EFC, colleges and universities use a special formula based on the original one created under the 1965 Higher Education Act. The EFC Formula, 2019–2020 3 What is the definition of an independent student? It is a number used by your school to calculate how much financial aid you are eligible for at that school. Here is the formula: Cost of College – the EFC = Financial Need. Federal Methodology (FM) - This formula is used to determine eligibility for all federal aid, including Pell Grants, Stafford Loans, Perkins Loans, Work-study, and most state scholarship aid. The estimator uses Princeton's own formula when determining the family contribution and EFC is a measure of family's financial strength and is estimated according to a formula established by law. The CollegeData EFC calculation is for financial aid eligibility for the 2020-2021 academic year. The EFC Formula Guide is an overview of the federal formula, worksheets and tables to allow you calculate the EFC manually--old school. This Expected Family Contribution (EFC) calculator will help you determine your need-based aid eligibility based on federal financial aid formulas. Each year, the Department of Education updates the different sets of tables that schools refer to when determining a student’s EFC. Use this 2021-22 academic year Expected Family Contribution (EFC) Calculator to: Estimate how much the student’s family will be expected to contribute for the year. The Department of Education uses three different formulas to calculate an EFC. FAFSA Calculator. FAFSA (Free Application for Federal Student Aid) generally referred as Federal Student Aid, is a part of the US Education Department. Also it is the largest student financial aid provider in the country. While this can be time consuming, performing a hand calculation will help you better understand the EFC Formula.