- It can help you determine which colleges you can afford: Your Expected Family Contribution (EFC) is a measure of how much your family is expected to contribute to your college education, based on your family’s financial situation. Knowing your EFC can help you narrow down the list of colleges you are considering based on what you can afford to pay.
- It can help you understand your financial aid options: Knowing your EFC can help you understand your financial aid options, including scholarships, grants, and loans. Some colleges may offer more financial aid to students with a lower EFC, while others may have more limited financial aid resources.
- It can help you plan for the future: Knowing your EFC can help you plan for the future by giving you an idea of what you can expect to pay for college. This can help you make informed decisions about your education, including whether you need to work part-time or take out loans to cover the cost of tuition.
- It can help you negotiate with colleges: If you have a high EFC and are considering attending a college with a higher cost of attendance, you may be able to negotiate with the college for more financial aid or a better financial aid package.
- It can help you avoid overborrowing: Knowing your EFC can help you avoid overborrowing for college. By understanding how much you are expected to contribute, you can make sure you don’t take on more student loan debt than you can realistically pay back after graduation.
