Financial Aid Calculator

Financial Aid & EFC Estimator

Estimate your Expected Family Contribution (EFC) and Financial Need

Tuition, room, board, and books.

Savings, investments, etc.

Calculation Summary

Estimated Expected Family Contribution (EFC): $0

Total Financial Need: $0

*This is a simplified estimate based on standard institutional formulas. Actual aid is determined by the FAFSA and specific college policies.

How Does the Financial Aid Calculation Work?

Determining how much you will pay for college involves understanding two primary numbers: the Cost of Attendance (COA) and your Expected Family Contribution (EFC). The gap between these two figures represents your "Financial Need."

Understanding the Formula

Most colleges use a formula similar to the one used by the Federal Government (FAFSA). The basic calculation is:

Cost of Attendance – Expected Family Contribution = Financial Need

Key Components of the EFC

• Parental Income: Usually the largest factor. A percentage of "available income" is calculated after subtracting basic living expenses.
• Parental Assets: Includes savings, stocks, and non-retirement investments. Note that primary home equity is excluded by Federal formulas but included by some private colleges.
• Student Contribution: Students are expected to contribute a higher percentage of their income and assets than parents (often 20% of assets and 50% of income over a certain threshold).
• Household Size: Larger families generally have a lower EFC because more income is allocated to basic survival.

Practical Example

Imagine a university with a COA of $50,000 per year. If a family has a calculated EFC of $10,000, their total financial need is $40,000. This need is typically met through a combination of:

• Grants: "Free money" based on financial need (Pell Grant, State grants).
• Scholarships: Merit or need-based awards.
• Work-Study: Part-time employment subsidized by the government.
• Subsidized Loans: Loans where the government pays interest while you are in school.

function calculateFinancialAid() { var coa = parseFloat(document.getElementById('coa').value) || 0; var parentIncome = parseFloat(document.getElementById('parentIncome').value) || 0; var studentIncome = parseFloat(document.getElementById('studentIncome').value) || 0; var parentAssets = parseFloat(document.getElementById('parentAssets').value) || 0; var studentAssets = parseFloat(document.getElementById('studentAssets').value) || 0; var familySize = parseFloat(document.getElementById('familySize').value) || 1; // Simplified EFC Logic // Income Protection Allowance (IPA) – basic estimate var ipa = 18000 + (familySize * 3000); // Parent Income Contribution (graduated scale logic simplified) var availableParentIncome = Math.max(0, parentIncome – ipa); var parentIncomeContribution = availableParentIncome * 0.22; // 22% average effective rate for aid math // Parent Asset Contribution (usually ~5.64% for federal) var parentAssetContribution = parentAssets * 0.056; // Student Income Contribution (usually 50% above a small threshold) var studentIncomeContribution = Math.max(0, (studentIncome – 7000) * 0.50); // Student Asset Contribution (usually 20%) var studentAssetContribution = studentAssets * 0.20; // Final EFC Calculation var totalEFC = parentIncomeContribution + parentAssetContribution + studentIncomeContribution + studentAssetContribution; // Ensure EFC isn't negative if (totalEFC < 0) totalEFC = 0; var financialNeed = coa – totalEFC; if (financialNeed < 0) financialNeed = 0; // Display results document.getElementById('displayEFC').innerHTML = '$' + totalEFC.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('displayNeed').innerHTML = '$' + financialNeed.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('aidResultArea').style.display = 'block'; // Scroll to results document.getElementById('aidResultArea').scrollIntoView({ behavior: 'smooth', block: 'nearest' }); }