Financial Aid Calculator

This financial aid calculator estimates the expected family contribution (EFC) and your financial need based on income, assets, family size and demographics.

Household Information

Are you a dependent

student? info icon vector Answers "No" if you are an independent student (age 24 or older, married, a graduate student, an orphan, a veteran, etc.), otherwise "Yes".

Was Schedule 1 not required (optional) on the federal income tax

return? info icon vector If you filed Schedule 1 just to report capital gains, unemployment compensation, Alaska Permanent Fund dividends, educator expenses, IRA deductions or student loan interest deduction, Schedule 1 was not required

Did anyone in the household receive means-tested federal benefits in the last two years?

years? info icon vector That includes: Medicaid, SSI, SNAP, TANF, WIC or Free and Reduced-Price School Lunch.

Is a dependent student's parent or the independent student a dislocated worker or displaced homemaker? info icon vector If you're a dependent, then this question is about your parents. If you're an independent, then the question applies to you or your spouse (if you have one).

info icon vector How many living parents do you have? Include only the ones you can contact. If your parent is divorced or separated but has remarried, answer 2.
info icon vector If you only have one parent, list their age, otherwise the age of the older parent.
info icon vector How many college students are in your household? Include siblings or any other relative living with you that is in college. Don't count your parents even if they are in college.
info icon vector How many people live with you? Include your siblings, spouse, children, and other family members (if that applies). Also include children who don't live with you, but for whom you provide more than half of their financial support.
info icon vector Where do you currently live?
info icon vector If you only have one parent, then choose Single". Choose "Head of Household" if the parent pays more than half the cost of the home and at least one child lives with the parent for more than half the year. If your parents are married, then indicate if they file their taxes jointly or separately.

Parent Income

info icon vector This is the total income earned by your household last year.
info icon vector How much did your household contribute to retirement plan accounts? If this doesn't apply to your household, put "0".
info icon vector How much does your mom or dad earn a year (before tax)?
info icon vector How much does your mom or dad earn a year (before tax)?
info icon vector Did your household receive child support? If so, how much did you get last year? List the amount received, not the amount due. If not, put "0".
info icon vector Did your household have to pay child support to someone else not in your household? If so, how much was paid last year? If not, put “0”. (If the child is counted in your household, also put "0")
info icon vector How much did your household make last year that was not taxed? If none of the income was untaxed, put "0".
info icon vector How much did your household pay in federal income taxes last year? Leave blank to have the calculator estimate the taxes.

Parent Assets

info icon vector How much does your household have in checking and savings accounts, certificates of deposit (CDs), and other bank accounts?
info icon vector What is the net worth of investments your household has? (We're looking for the market value minus any debt secured by the investments). Do not include retirement plan accounts or real estate.
info icon vector What is the net worth of the real estate assets (excluding the family home) held by your household? (Net worth: subtract any mortgages secured by the real estate).
info icon vector What is the net present value of the trust funds your household owns?
info icon vector What is the total value of the college savings plans (e.g. 529 plans, prepaid tuition, Coverdell) your household owns?
info icon vector What is the net worth of business and/or farm assets your household owns? (excluding small businesses owned and controlled by your family)
info icon vector Does your household have any other assets that are not bank accounts, investments, trusts, college plans or business/farm assets?

Student Information

info icon vector How much did you make last year (before tax)?
info icon vector What is the total value of the assets you own?
info icon vector How much did you pay in federal income taxes last year?
info icon vector That includes tuition and fees, room and board, books, supplies, equipment and transportation
FAQs about EFC calculator

The Expected Family Contribution (EFC) is a measure of your family’s financial strength that determines how much financial aid you will receive.

Your Expected Family Contribution (EFC) is determined when you file the Free Application for Federal Student Aid (FAFSA).

Your Expected Family Contribution is based on your family’s total income (including both taxed and untaxed income), assets and dependency status (dependent student or independent student). Untaxed income can include retirement plan contributions and tax-free benefits such as Social Security disability and retirement benefit payments and unemployment benefits. Other factors include your family size and the number of children attending college or a career school during the academic year.

Financial need is calculated by subtracting the amount of your Expected Family Contribution from your college’s Cost of Attendance.

Expected Family Contribution will affect your eligibility for need-based financial aid as well as the amount of financial aid you receive. This includes grants, scholarships, federal loans and student employment (e.g., Federal Work-Study).

Untaxed income is any income received that isn’t reported as part of adjusted gross income (AGI) on your federal tax return. This can include workers’ compensation or disability benefits.

Student assets include custodial bank and brokerage accounts, such as UTMA and UGMA accounts. Custodial 529 plan accounts are reported as a parent asset on the FAFSA.

Parent assets include bank and brokerage accounts, and college savings plans. Parent assets do not include qualified retirement plan accounts, such as 401(k), 403(b), IRA, SEP, SIMPLE and Keogh plans, the net worth of your family home and any small businesses owned and controlled by the family.

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