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What is EFC and how is it calculated?
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Fixed interest rate - as low as 5.6%
- No payments while in school at least half-time
EFC stands for "Expected Family Contribution" and is a measure of your family's financial strength. The EFC is calculated using a formula that is established by law. Your family's taxed and untaxed income, assets, and benefits are all considered in the formula. Also in consideration are your family size and the number of people in your family who are attending college. All of this information is reported on the FAFSA and is used to determine your EFC.
Schools then use the EFC to determine your eligibility for financial aid. You can calculate an unofficial EFC right on the Internet, by clicking here.
Note: Your EFC is not the amount of money your family will have to pay for college. It is also not the amount of financial aid you will receive. It is simply a number used by your school to calculate the amount of federal student aid you will receive.
Check out our financial aid forum to post questions and engage in conversation with peers and industry leading financial aid experts.
Stafford Loan Frequently Asked Questions
- Am I eligible for a Stafford Loan?
- How do I apply for a Stafford Loan?
- Are there Stafford Loan deadlines?
- What's the difference between unsubsidized and subsidized loans?
- When do I receive the Stafford Loan funds?
- What are the Stafford Loan interest rates?
- How much can I borrow under a Stafford Loan?
- What is EFC and how is it calculated?
- What can I use a Stafford Loan for?
- Are there specific schools that accept Stafford Loans?
- Why did I receive less than what I thought I would receive in Stafford Loan funds?
- Do I have to apply for a Stafford Loan every academic year?
- Can I receive a Stafford Loan if I have bad credit/declared bankruptcy/have late payments on credit cards?
- How can I bridge the financial gap between the total cost of education (including room and board, fees, books) and the amount of financial aid I was awarded?
- Will I pay any fees for a Stafford Loan?
- What are the repayment options for a Stafford Loan?
- What are the penalties for early payment or if the loan is paid in full before scheduled (deferred) payments begin?
- What are the Stafford Loan cancellation policies?
