Estimate financial aid eligibility based on income, assets, and family size
Financial aid is crucial for many students to pursue higher education. The eligibility for financial aid is determined by various factors including income, assets, and family size. This calculator helps estimate the expected family contribution (EFC) towards a student's education expenses.
The EFC is calculated based on the information provided about income, assets, and family size. It's a critical number as it determines the level of financial aid a student is eligible for. The formula used here is a simplified version and may not reflect the exact EFC calculated by official government tools, but it provides a good estimate.
For more detailed information on how EFC is calculated, you can refer to the Federal Student Aid website.
| Income | Assets | Family Size | EFC |
|---|---|---|---|
| $50,000 | $10,000 | 4 | $5,000 |
| $70,000 | $20,000 | 3 | $8,000 |