Among the key terms students need to learn if they are continuing their education after high school is expected family contribution (EFC). According to KHEAA, the EFC is how much money students and their families are expected to pay toward a student’s education expenses.
A student’s EFC is based on a formula set by Congress. The factors used in determining the EFC include income, assets, the number of people in the household and the number of household members in college during the award year.
The information students and families report on the Free Application for Federal Student Aid, or FAFSA, is plugged into a formula to come up with an EFC.
The U.S. Department of Education has three EFC formulas: one for dependent students; another for independent students who only have a spouse as a dependent; and one for independent students who have dependents other than a spouse.
The parent’s income and assets are used to develop the EFC for dependent students. Nearly all students going directly from high school to postsecondary education are considered dependent students.
How much students can receive in Pell Grants, Federal Work-Study and other federal aid programs is based on their EFC. Some states use EFCs to determine if students are eligible for state financial aid programs.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents.
In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information, visit www.advantageeducationloan.com.
KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA. For more information about those services, visit kheaa.com.
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