Expected Family Contribution
The information reported on the Free Application for Federal Student Aid (FAFSA) is used to calculate your Expected Family Contribution (EFC). EFC is a measure of your family’s financial strength and is used to determine your eligibility for federal student aid.
The formula used to determine your family contribution was developed by the federal government and is used by all post-secondary institutions. While your income is an important part of financial strength, many other factors are examined. Family size, number of children in college and assets are just a few of the other factors that are also taken into account.
The computation does allow for necessary family expenditures such as taxes and reasonable living costs, and sets aside a portion of a family’s assets as a retirement allowance. A portion of the remaining income and assets is assumed to be available for college expenses. If more than one child is attending college, the family contribution is divided between them.
As the primary beneficiary of the investment in your college education, you and your family are ultimately responsible for financing your education. Understandably, many families cannot afford the entire cost of college. Financial aid, therefore, is available to help fill the gap between what you and your family are expected to provide and what it will cost to attend Saint Xavier University.