Updated in January 2015 for the 2014-15 program year.
This Self-Study Guide reviews the calculation of a student's expected family contribution (EFC), and includes a discussion of the regular and simplified formulas as well as recalculations. Bonus material: Included with this Guide is an optional lesson on institutional methodology, developed in collaboration with the College Board.
Available as a PDF only.
Lesson 1: Introduction to Need Analysis
- Understand what is need analysis;
- Know a brief history and the evolution of need analysis; and
- Understand the underlying principles of need analysis.
Lesson 2: The Regular Formula
- Recognize the three models used to calculate the EFC;
- Identify the model which should be used to calculate a student’s EFC; and
- Learn the steps used to calculate the EFC using the regular formula.
Lesson 3: Simplified Formulas
- Recognize the differences between the regular formula and the simplified formulas;
- Be able to identify which models qualify for the simplified formulas;
- Understand the eligibility criteria for an Automatic Zero EFC; and
- Understand the eligibility criteria for the Simplified Needs Test.
Lesson 4: Recalculating the EFC
- Understand how to recalculate the EFC for enrollment periods other than nine months; and
- Learn approaches for calculating the EFC for summer periods of enrollment.