Description
A common term used in financial aid, the expected family contribution (EFC) is the basis for determining financial aid eligibility for families applying to college. In this interactive webinar, presenters will review the philosophy behind the factors that make up the EFC and how it is used in determining financial aid eligibility. From there, presenters will take a deep dive into the formula and discuss the most salient drivers of the EFC formula. We will also discuss how newly passed legislation will change the way financial aid eligibility will be calculated starting in 2023. Attendees will leave this session better educated on factors that determine financial aid eligibility to help clients plan.
Learning Objectives
1. Explain the major inputs and drivers of the EFC formula.
2. Understand the relationship between cost of attendance (COA), expected family contribution (EFC) and financial need.
3. Recite the major FAFSA changes scheduled to be implemented for the 2023-2024 year.