Efc Calculator

Financial Aid Calculator

Determine your Expected Family Contribution (EFC) for the 2019-2020 school year

Student Status
Parents' Contribution
Student's Contribution
EFC

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Getting Started

First we need to collect some information about the household to determine how to calculate the student's EFC

Student Status

Is the student independent?more info

A student is considered independent if he or she meets one or more of the requirements below:

Student is born before January 1, 1995
Student is married or separated (but not divorced)
Student is working on a degree beyond a bachelor's degree when he or she attends college
Select yes if at the beginning of the 2019–2020 school year, the student will be enrolled in a master’s or doctoral degree program (such as MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.).
Does the student have or will have children or dependents other than his or her spouse that receive more than half of their support from him or her?
Select yes if the student meets any of the following criteria:
- The student has or will have one or more children who receive more than half of their support from him or her between July 1, 2019 and June 30, 2020.
- The student has dependent(s) (other than children or spouse) who live with him or her and who receive more than half of their support from the student, now and through June 30, 2020.
Has the student been determined to be, an unaccompanied youth who is or was homeless or was self-supporting and at risk of being homeless?
Select yes if the student meets any of the following criteria:
- On or after July 1, 2018, the student was determined by a high school or school district homeless liaison to be an unaccompanied youth who was homeless or was self-supporting and at risk of being homeless.
- On or after July 1, 2018, the student was determined by the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development to be an unaccompanied youth who was homeless or was self-supporting and at risk of being homeless.
- At any time on or after July 1, 2018, the student was determined by a director of a runaway or homeless youth basic center or transitional living program to be an unaccompanied youth who was homeless or was self-supporting and at risk of being homeless.
- The student was determined by the college financial aid administrator to be an unaccompanied youth who is homeless or is self-supporting and at risk of being homeless.
Has the student been determined to be, upon reaching the age of majority, an emancipated minor or in legal guardianship?
Select yes if the student meets any of the following criteria:
- As determined by a court in the student’s state of legal residence, the student is now, or was upon reaching the age of majority, an emancipated minor (released from control by his or her parent or guardian).
- As determined by a court in the student’s state of legal residence, the student is now, or was upon reaching the age of majority, in legal guardianship.
At any time since the student turned 13, were both of the student's parents deceased, was the student in foster care, or was he or she a dependent or ward of the court?
Select yes if, at any time since the student turned age 13, both of the student’s parents were deceased, or the student was in foster care or was a dependent or ward of the court.
Is the student a veteran, currently serving in active duty or a National Guard or Reserves called into active duty for purposes other than training?
Select yes if the student meets any of the following criteria:
- The student is currently serving on active duty in the U.S. Armed Forces or is a National Guard or Reserves enlistee called into federal active duty for purposes other than training.
- The student is a veteran of the U.S. Armed Forces.

Does the student have any dependents other than a spouse?more info

Must meet one of the following criteria to be considered a dependent of the student:

A biological or adopted child of the student who receives more than half their support from the student
A person who lives with that student, other than a spouse,and receives more than half of their support from the student

Household Information

State of Residence

Number in Household

Total number of people in household including the student.

Children in College

Members of the household, including the student and excluding the parents, that will be attending college full-time for the 2019/2020 school year.

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Age of Oldest Parent

Age of oldest parent as of 12/31/2019

Finances

Have the parents filed tax returns?

Adjusted Gross Income

Adjusted Gross Income (AGI) as reported on the parents' 2017 income tax return. Can be found on the following lines of U.S. tax returns:

1040 line 37,
1040A line 21, or
1040EZ line 4.

Income Tax Paid

The total amount of tax paid as reported on the parents' 2017 income tax return. Can be found on the following lines of U.S. tax returns:

1040 line 56,
1040A line 37, or
1040EZ line 10.

Do not use the amount of "federal income tax withheld" from a W-2 form. Also, make sure this amount does not include any FICA, self-employment, or other taxes from Form 1040.

Parent 1 Income

Total amount of wages, salaries, tips, etc. earned by parent as reported in his or her income tax return. Enter $0 if parent is not working. For one-parent households, parent 1 is assumed to be the parent in the household. Can be found on the following lines of U.S. tax returns:

1040 line 7, 12, and 18, and Schedule K box 14,
1040A line 7, or
1040EZ line 1.

If the amounts on line 12 or line 18 of the IRS Form 1040 or Schedule K are negative, treat them as zero.

Parent 2 Income

Total amount of wages, salaries, tips, etc. earned by parent as reported in his or her income tax return. Enter $0 if parent is not working. Leave blank if in a one-parent household. Can be found on the following lines of U.S. tax returns:

1040 line 7, 12, and 18, and Schedule K box 14,
1040A line 7, or
1040EZ line 1.

If the amounts on line 12 or line 18 of the IRS Form 1040 or Schedule K are negative, treat them as zero.

Untaxed Income & Benefits

Total amount of the parents' untaxed income or benefits such as workers compensation, disability benefits, child support received for all children, and any other wages not subject to taxation. Be sure to include untaxed portions of health savings accounts and contributions to tax-deferred retirement plans.

Cash and Investments

Total cash and account balances of the parents' savings and checking accounts, plus the net worth of parents' current investments. Include the total value of all college savings plans (e.g. 529s and Coverdell ESAs for student and siblings whether in parent’s name or child’s name). Do not include the home you live in, retirement accounts, and the value of life insurance.

Do the parents own a business that has more than 100 full-time employees?

Businesses Net Worth

Net worth of parents' businesses and investment farms. Do not include small, family-owned businesses with 100 or fewer full-time employees.

Have the parents reported any scholarship or grant aid as part of their Adjusted Gross Income or received or paid any educational credits, child support, or earnings from need-based work programs, combat pay, or under a cooperative education program?

Aid Received

Total of the following amounts that were paid or received:

Education credits (American Opportunity Tax Credit and Lifetime Learning Tax Credit).
Total amount of child support the parents paid. Do not include support for children in the parents' household.
Total amount of taxable earnings the parents received from Federal Work-Study, fellowships, assistantships, and other need-based work programs.
Total amount of college grant and scholarship aid that was reported in the parents' Adjusted Gross Income.
Total amount of taxable combat pay or special combat pay received by the parents.
Total amount of taxable income the parents earned under a cooperative education program.

Parents' Contribution

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Student's Age

Age of student as of 12/31/2019

Finances

Has the student filed tax returns?

Adjusted Gross Income

Adjusted Gross Income (AGI) as reported on the student's (and his or her spouse's, if any) 2017 income tax return. Can be found on the following lines of U.S. tax returns:

1040 line 37,
1040A line 21, or
1040EZ line 4.

Income Tax Paid

The total amount of tax paid as reported on the student's (and his or her spouse's, if any) 2017 income tax return.

Student's Income

Total amount of wages, salaries, tips, etc. earned by student as reported in his or her income tax return. Input $0 if student is not working. Can be found on the following lines of U.S. tax returns:

1040 line 7, 12, and 18, and Schedule K box 14,
1040A line 7, or
1040EZ line 1.

If the amounts on line 12 or line 18 of the IRS Form 1040 or Schedule K are negative, treat them as zero.

Spouse's Income

Total amount of wages, salaries, tips, etc. earned by the student's spouse as reported in his or her income tax return. Leave blank if student doesn't have a spouse and input $0 if spouse is not working. Can be found on the following lines of U.S. tax returns:

1040 line 7, 12, and 18, and Schedule K box 14,
1040A line 7, or
1040EZ line 1.

If the amounts on line 12 or line 18 of the IRS Form 1040 or Schedule K are negative, treat them as zero.

Untaxed Income & Benefits

Total amount of the student's (and his or her spouse's, if any) untaxed income or benefits such as workers compensation, disability benefits etc.

Cash and Investments

Total cash and account balances of the student’s savings and checking accounts, plus the net worth of his or her current investments. Do not include the value of the student’s retirement accounts or cash value insurance.

Do not include the value of 529s and Coverdell ESA' owned by the student in this section. Dependent student owned 529s and Coverdell ESA’s should be included in the Cash and Investment section for parents and are assessed in the Federal financial aid process at the lower rate applicable to parental assets.

Is the student's spouse (if any) enrolled at least 1/2 time?

Does the student own a business?

Businesses Net Worth

Net worth of student's businesses and investment farms. Do not include small, family-owned businesses with 100 or fewer full-time employees.

Has the student (and his or her spouse, if any) reported any scholarship or grant aid as part of his or her Adjusted Gross Income or received or paid any educational credits, child support, or earnings from need-based work programs, combat pay, or under a cooperative education program?

Aid Received

Total of the following amounts that were paid or received by the student (and his or her spouse, if any):

Education credits (American Opportunity Tax Credit and Lifetime Learning Tax Credit).
Total amount of child support the student paid. Do not include support for children in the student's household.
Total amount of taxable earnings the student received from Federal Work-Study, fellowships, assistantships, and other need-based work programs.
Total amount of college grant and scholarship aid that was reported in the student's Adjusted Gross Income.
Total amount of taxable combat pay or special combat pay received by the student.
Total amount of taxable income the student earned under a cooperative education program.

Student's Contribution

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Parents' Contribution

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Student's Contribution

Your Expected Family Contribution is

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Assumptions
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Disclosure

Assumptions
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Disclosure

Assumptions

The following assumptions are made when calculating the student's Expected Family Contribution (EFC) :

Households contain one parent if Parent 2 Income field is left blank.
Independent students are single, separated or divorced if Spouse's Income is left blank.
Students do not qualify for the simplified EFC formulas, which don't take into account contribution from assets (cash, savings, investments, and businesses).
Dependent students qualify for the simplified EFC formula if the parents' adjusted gross income (AGI) for 2017 was $49,999 or less, and one of the following is true:
- During 2017 and 2018, anyone in the parents' household received benefits from the Medicaid Program, the Supplemental Security Income Program, the Supplemental Nutrition Assistance Program, the Free and Reduced Price School Lunch Program, the Temporary Assistance for Needy Families Program, and the Special Supplemental Nutrition Program for Women, Infants, and Children.
- The parent(s) filed or were eligible to file a 2017 IRS Form 1040A or 1040EZ, filed a 2017 IRS Form 1040 despite not being required to do so, or weren't required to file a tax return.
- One of the parents is a dislocated worker.
Independent students qualify for the simplified EFC formula if the student's (and spouse's, if any) combined income for 2017 was $49,999 or less, and one of the following is true:
- During 2017 and 2018, anyone in the student's household received benefits from the Medicaid Program, the SSI Program, SNAP, the Free and Reduced Price School Lunch Program, the TANF Program4, and WIC.
- The student (and spouse, if any) filed or were eligible to file a 2017 IRS Form 1040A or 1040EZ, filed a 2017 IRS Form 1040 despite not being required to do so, or weren't required tp file a tax return.
- The student (or spouse, if any) is a dislocated worker
Students do not qualify for an automatic zero EFC calculation.
Dependent students qualify for for an automatic zero EFC calculation if the parents' adjusted gross income (AGI) for 2017 was $26,000 or less, and one of the following is true:
- During 2017 and 2018, anyone in the parents' household received benefits from the Medicaid Program, the Supplemental Security Income Program, the Supplemental Nutrition Assistance Program, the Free and Reduced Price School Lunch Program, the Temporary Assistance for Needy Families Program, and the Special Supplemental Nutrition Program for Women, Infants, and Children.
- The parent(s) filed or were eligible to file a 2017 IRS Form 1040A or 1040EZ, filed a 2017 IRS Form 1040 despite not being required to do so, or weren't required to file a tax return.
- One of the parents is a dislocated worker.
Independent students with dependents other than their spouse qualify for an automatic zero EFC calculation if the student's (and spouse, if any) combined income for 2017 was $26,000 or less, and one of the following is true:
- During 2017 and 2018, anyone in the student's household received benefits from the Medicaid Program, the SSI Program, SNAP, the Free and Reduced Price School Lunch Program, the TANF Program4, and WIC.
- The student (and spouse, if any) filed or were eligible to file a 2017 IRS Form 1040A or 1040EZ, filed a 2017 IRS Form 1040 despite not being required to do so, or weren't required to file a tax return.
- The student (or spouse, if any) is a dislocated worker

Disclosure

The Financial Aid Calculator is intended to provide an estimate of a student's Expected Family Contribution (EFC) using the Federal Methodology based on (a) the Department of Education's The EFC Formula, 2019-2020 document which is located on the Federal Student Aid Website, (b) assumptions with regard to the type of formula used and (c) information provided by the user.

The Financial Aid Calculator is supplied by Invite Education, LLC and Invite Education, LLC does not guarantee the accuracy, suitability or usefulness of these results, and shall not be responsible for any investment or trading decisions, gains or losses, or advice as a result of them.

Please consult investment, tax or legal advisors for qualified professional advice in these areas.

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