Federal EFC Calculation Or why I lie when people at my high school reunion ask me what I do for a living. Presented by Shirley Huttenmaier Southeast Community College April 19, 2006

It’s a family thing A measurement of the family’s financial strength Determining what (if any) of the family’s financial resources are available to count toward educational costs What’s hidden in the sock drawer counts too

Can’t we all be one? It’s a little different for each type of student Dependent Independent without dependents other than a spouse Independent with dependents other than a spouse You can’t count the guinea pig

Dependent student components  Parent contribution (PC) comes from  Parent available income  Parent assets  Student contribution (SC) comes from  Student available income  Student assets  Great Aunt Mary

Independent Student’s Contribution Contribution from student (and spouse’s) available income Contribution from student (and spouse’s) assets

How many calculations are there? There are 3 regular (full-time) formulas: A for the dependent student B for the independent student without dependents other than a spouse C for the independent student with dependents

Can we make it easier? Next are 3 simplified versions of the regular calculations Dependent Independent without dependents other than a spouse Independent with dependents These use fewer data elements

I want it easier yet! Then pay close attention to the instructions for the simplified versions. Instructions for applicants who are eligible for the automatic zero EFC are included in each worksheet.

Let’s get to work Time to meet: Jason N.D. Argonauts Marie Curie Elizabeth Arden April May DeeDee Durham Ralph Machhio

Your school has 2 students You will have one dependent student and one independent student. You may or maynot have all the information you need. Things change. Be ready for someone to say it is all wrong when you get done.

What if they aren’t going to be in school for 9 months? Pull out the EFC Formula and calculate their new EFC. You can figure for more or fewer than 9 months. You can get on your knees and beg them to attend all year.

For less than 9 months for a dependent student PC for 9 months Divide by 9 Equals contibution per month Multiply by months of enrolled Ta Da = PC new < 9 mo EFC

Dependent Student’s Share Student contribution from AAI Divide by 9 Student’s contibution from AI per month Multiply by no of months of enrollment Student’s contribution for < 9 months

Calculate the whole family contribution Add Parent contribution Add Student contribution Choose either 9 months but use the same

Enjoy the Reunion Thank you!