Pronunciation: [ˈɛfk] (IPA) 
The acronym "EFC" is typically spelled using three individual letters: E-F-C. The letters are pronounced using their respective phonetic transcriptions: /i/ for "E," /ɛf/ for "F," and /si/ for "C." The word "EFC" is often used in discussions about financial aid for college, as it refers to the "Expected Family Contribution," or the amount of money a student's family is estimated to be able to contribute towards their college expenses.
EFC is the acronym for Expected Family Contribution. It refers to a crucial component in the financial aid process for higher education in the United States. EFC is calculated based on the information provided by a student and their family in the Free Application for Federal Student Aid (FAFSA) or the CSS Profile, and it helps determine the amount of financial support a student is eligible to receive.
The Expected Family Contribution represents the amount of money that is expected to be contributed by the student's family towards their education expenses for a specific academic year. It is calculated using a formula established by the federal government or the specific educational institution.
The EFC is influenced by several factors including family income, assets, household size, number of family members attending college, and other financial circumstances. The calculation takes into account both taxable and untaxed income, as well as certain allowances and deductions.
The EFC is used by colleges and universities to determine a student's financial need and eligibility for financial aid programs such as grants, scholarships, work-study, and loans. It serves as a benchmark for educational institutions to establish the amount of assistance a student requires to cover tuition, fees, books, supplies, and living expenses.
It is important to note that the EFC is not an indicator of the actual cost of attending a specific college or university. EFC serves as a starting point for financial aid offices to assess a student's financial need and create a personalized financial aid package to bridge the gap between the EFC and the total cost of attendance.
