| Expected Family Contribution |
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| financial aid | |
| education finance | |
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Typically, need-based financial aid, including loans and grants, will cover the cost of attending college ''minus'' the expected family contribution. THE FORMULA Zero EFC Certain students are eligible for an EFC of 0, depending in part on which tax form they and their parents used during the previous year. To qualify for an EFC of 0, the student, parents, and/or spouse must all have been eligible to file their taxes with IRS Form 1040A or 1040EZ. For dependent students, their parents' combined income must be less than $16,000 per year. For Independent Students , their own income and that of their spouse must be less than $16,000 per year, and they must have non-spouse dependents, such as children. Non-reproduction Penalty Independent students who have no children or other non-spouse dependents will have a positive EFC, which can amount to as much as 20% of their income, even if they make as little as $10,000 per year. Nonzero EFC The formula is extremely complex, with many nonmathematical dependencies, such as which state you live in. Therefore, the author of this article has elected to give the formula in Perl , a common computer programming language, rather than traditional greek-symbol mathematical notation. --> DEPENDENCY The student is considered a dependent unless one of the following criteria is met:
EXTERNAL LINKS The EFC Formula, 2006-2007 (PDF) |
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