EFC Calculator Help
If you're not sure how to answer particular EFC Calculator questions, click the question marks (
) that appear throughout the calculator. If you have more general questions about the EFC Calculator, please read the answers to these frequently asked questions.
For the latest college financing information, check out these EFC FAQs and paying for college articles.
- What information should I have on hand before I start the calculator?
- Do I have to answer every question?
- Do I have to complete pages in order, or can I jump around?
- How does Student Status affect my EFC?
- What's the difference between Federal and Institutional Methodologies (FM and IM)?
- What if I can't provide 2007 income?
- What if I don't have actual amounts to enter?
- Should I use cents, or round up?
- Should I enter the dollar sign?
- What if I have a negative amount?
- Can I save my EFC Calculator?
- How does marital status affect my answers?
- Can I use this calculator's estimate when I apply for financial aid?
- How do I project what a college will cost?
- Is my EFC set in stone?
What information should I have on hand before I start the calculator?
Since you'll be asked questions about your income, assets, and debts, you may find it useful to have the following on hand:
- A copy of the most recent tax returns filed by parent(s) and, if relevant, student.
- The most recent W-2 forms or pay stubs.
- Records of any untaxed income (e.g., Social Security benefits you've received).
- Records of any Federal Means-Tested Benefits received (SSI, Food Stamps, Free or Reduced Price Lunch Program, TANF, or WIC).
- Records of any child support payments (paid or received).
- Records of any medical or dental expenses.
- Records of tuition paid—for anyone in your family.
- Current bank statements, as well as any statements related to a family-owned business.
- Current mortgage balance statement and home value information.
- Records of stocks, bonds, trusts, and other investments.
If you're a student, you'll probably want to have a parent nearby, too.
Do I have to answer every question?
Yes, you must provide information for each question so we can accurately estimate your EFC. The only information that is not required is the names of your family members.
Do I have to complete pages in order, or can I jump around?
You can jump back to a page you've already submitted, but you can not skip ahead. You just go in order through the pages. Each page is customized based on your answers to the previous page. For example, if you say you have 3 people in your family, we'll provide 3 family name fields—one for each member.
How does Student Status affect my EFC?
The EFC calculator is customized according to how you answer the first questions—they determine whether the student is financially "dependent" or "independent."
- Are all your answers "No"? Then the student is "dependent." This means that the student is financially dependent on the parent. So, you'll be asked to provide both parent and student financial information throughout this calculator.
- Is at least one answer "Yes"? Then the student is considered financially "independent" and will be applying for aid based on his or her own finances. So, you'll be asked to provide student (and student spouse) financial information—not parent financial information.
If the student claims to be independent, the student's school may ask to verify answers to these questions before federal student aid is awarded. Requirements for a student to be considered independent are very strict.
What's the difference between Federal and Institutional Methodologies (FM and IM)?
Financial aid is based on two eligibility calculations—the Federal Methodology (FM) and the Institutional Methodology (IM).
The FM is used by the federal and state governments, as well as colleges, to award federal and state financial aid. It is regulated by the U.S. Congress and is administered by the U.S. Department of Education. The FM takes into consideration income, assets, expenses, family size, and other factors to help evaluate a family's financial strength (unlike the IM, it does not include the value of your home). The information used for FM analysis is collected on the Free Application for Federal Student Aid (FAFSA).
Though the federal government may be the largest single source of financial assistance for families, a significant amount of aid comes from the colleges themselves. The IM is used by many colleges and private scholarship programs to determine students' eligibility for their own private funds. These institutions or programs may require students to complete the CSS/Financial Aid PROFILE® in addition to the FAFSA.
What if I can't provide 2007 income?
If you're unable to provide 2007 figures, estimate using 2006 income and tax records in addition to any salary records for 2007.
What if I don't have actual amounts to enter?
If actual figures aren't available, estimate as best you can. If a question does not apply to you, enter zero—don't leave an answer blank.
Should I use cents, or round up?
When you enter numbers into the calculator, round up—use whole numbers. You don't have to use cents or decimal points.
Should I enter the dollar sign?
No, just enter the whole number. No need to enter special symbols—just numbers and, if you like, commas.
What if I have a negative amount?
If you need to enter a negative amount—for example, if you've experienced a financial loss—please enter a negative symbol ("-") before the amount. That way we'll calculate appropriately.
Can I save my EFC Calculator?
You cannot save your EFC and return to it another day, but the calculator will save all of your information from page-to-page, during your visit to collegeboard.com. So you can travel between pages to review and change information.
How does marital status affect my answers?
As you're prompted for financial information, keep the following in mind:
- If the student's parents are both living and married to each other: Provide information about both parents.
- If the student's parents are divorced or separated: Answer questions based on information about the parent the student lived with most in the past 12 months.
For example, if the student lived with the mother most, answer the questions about the mother and not about the father. If the student didn't live with one parent more than the other in the past 12 months, answer in terms of the parent who provided the most financial support during that time. (Support includes money, gifts, loans, housing, food, clothes, medical and dental care, payment of college costs, etc.) - If the student's parent is widowed or single: Provide information about the student's widowed or single parent.
- If the student has a legal guardian: Provide information about the student's legal guardian. (A legal guardian is a person who is appointed by a court to be the student's legal guardian and who is directed by a court to support the student with his or her own financial resources. Note: financial information from the legal guardian may not be required by schools using the FM, but is required by most schools using the IM. If you are applying to both public and private institutions it's best to include the guardian's information when using the calculator so that you receive a more comprehensive estimate of your EFC. However, the resulting FM estimate may be higher than the actual FM EFC you will receive when you file the FAFSA.
- If the student has a stepparent: If the parent has married or remarried as of today, the student must also include information about his or her stepparent, note that whenever the terms "parents" or "father/mother" are used, it also means the student's stepparent.
Can I use this calculator's estimate when I apply for financial aid?
Filling out this form does not enable you to qualify for financial aid. You must still submit the actual FAFSA and CSS/PROFILE forms, and any other forms required by your college.
How do I project what a college will cost?
To find costs for a particular college or university:
- Use College Search. In each school's profile area, just go to the "Cost & Financial Aid" tab to find the latest cost figures (broken down by type of cost). Go to College Search.
- Use your College List. If you already have a College List, just follow the link to it—you'll find a link indented below the first question and in the My Organizer toolbar (top right corner of most pages). Once on your list, click on a school's name and go to that school's "Cost and Financial Aid" tab. If you don't have a College List yet, you can quickly and easily create one by using College Search.
To research the latest trends in college pricing, see the College Board Trends in College Pricing and Student Aid reports.
Is my EFC set in stone?
- Families often assume that the amount of the EFC will be the exact amount they are asked to contribute to college costs. But this isn't always the case.
- The actual amount your family is expected to contribute may vary for a number of reasons, including:
- A college's admission and aid policies
- The amount of aid available at a particular college
- Special financial circumstances
Learn more about these circumstances.