Money Savvy Quiz

When discussing college financing, what is meant by the “efc”?

a. exceptionally ferociously costly

b. estimated family contribution

c. enter financial cushion

Answer: Your estimated family contribution is a pivotal figure when determining how much financial aid a college student will get. That’s because the “efc” is compared with the actual cost of attending the student’s school of choice. The difference between the cost-including tuition, room, board, books and fees-and the amount the family can pay, is the amount of financial aid that you can qualify for. Got a family member who’s about to enroll in college and wondering just how much your family will be expected to pay? Check out the EFC calculator at https://www.collegeboard.org/.