Financial Aid Calculator
Determine your Expected Family Contribution (EFC) for the 2023–2024 school year
NewCheck out FAFSA and Financial Aid Changes on the Horizon in results.
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?
Household Information
Finances
Have the parents filed tax returns?
Adjusted Gross Income (AGI) as reported on the parents' 2021 income tax return. Can be found on the following line(s) of the U.S. tax return:
- 1040, line 11
The total amount of tax paid as reported on the parents 2021 income tax return. Can be found on the following line(s) of the U.S. tax return:
- 1040, line 22 minus Schedule 2-line 2
- If the number is negative, enter 0
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.
The amount of wages, salaries, tips, etc. earned by parent as reported on 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 line(s) of the U.S. tax return:
- 1040, line 1 plus Schedule 1-lines 3 plus 6* plus Schedule K-1 (IRS Form 1065) Box 14 (Code A)
- Lines 3 and 6 and Box 14 (Code A) of IRS Schedule K-1 (IRS Form 1065) are for tax filers who are self-employed
If values from lines 3 or 6 or Box 14 (Code A) of IRS Schedule K-1 (Form 1065) are negative, treat them as zero.
The amount of wages, salaries, tips, etc. earned by parent as reported on his or her income tax return. Enter $0 if parent is not working. Leave blank if a one-parent household.
Can be found on the following line(s) of the U.S. tax return:
- 1040, line 1 plus Schedule 1-lines 3 plus 6* plus Schedule K-1 (IRS Form 1065) Box 14 (Code A)
- Lines 3 and 6 and Box 14 (Code A) of IRS Schedule K-1 (IRS Form 1065) are for tax filers who are self-employed.
If values from lines 3 or 6 or Box 14 (Code A) of IRS Schedule K-1 (Form 1065) are negative, treat them as zero.
Do the parents own a business that has more than 100 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?
Parents' Contribution
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Finances
Has the student filed tax returns?
Adjusted Gross Income (AGI) as reported on the student's 2021 income tax return. Can be found on the following line(s) of the U.S. tax return:
- 1040, line 11
The amount of wages, salaries, tips, etc. earned by the student as reported on his or her income tax return. Input $0 if the student is not working.
Can be found on the following line(s) of the U.S. tax return:
- 1040, line 1 plus Schedule 1-lines 3 plus 6* plus Schedule K-1 (IRS Form 1065) Box 14 (Code A)
- Lines 3 and 6 and Box 14 (Code A) of IRS Schedule K-1 (IRS Form 1065) are for tax filers who are self-employed
If values from lines 3 or 6 or Box 14 (Code A) of IRS Schedule K-1 (Form 1065) are negative, treat them as zero.
Total amount of the student's untaxed income or benefits such as workers compensation, disability benefits, etc.
For the 2021 tax year, 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.
Does the student own a business?
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?
Student's Contribution
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Results
Parents' Contribution
$0
+
Student's Contribution
$0
Your expected family contribution is
$0
