Why Calculate Expected Family Contribution?
Education has become so commercial these days with costs skyrocketing by the day. But it is in our nature to do the maximum for our children’s benefit so there is a value known as Expected Family Contribution. This essentially means the actual amount a family can contribute to its offspring’s education for one year. EFC does not refer to the money actually to be spent by a family towards its children’s education nor is it the actual amount of aid you will receive, in fact it is only a number used by a school to determine the amount of federal aid a student is likely to receive. You arrive at a figure depending upon the number of members in the family, family savings, current earnings etc. The lower the EFC calculated the more grants you receive. The actual cost of education should be calculated to know the amount the family can disburse, in case there is a gap between the actual cost and the EFC,- that is the actual amount the child/ children seeking grants is eligible to receive. Firs
