What is an EFC?

EFC could possibly be the most important three letters to you as a college student.  EFC stands for the Expected Family Contribution.  When you submit the FAFSA, you will receive an SAR report, Student Aid Report.  In the top right hand corner there will be some little numbers after the letters EFC.  This is what your family is expected to pay for college based on the federal government’s formula.  These are arbitrary numbers because colleges do not have to honor the EFC.  “Your assignment, should you decide to accept this mission”, is to find a college that will come as close to the EFC as possible. 

So, if your family EFC is 5000, this tranlates to $5000.  If a college offers you an award letter of $5595, this will probably be your best offer.  Another college may offer you a package where your family is expected to pay $12,000.  Colleges can offer you anything they want.  It is your mission to find a college that will offer you the best package.