The EFC data will be available about two months after the FAFSA is completed. This is why completing the FAFSA as soon as possible after Jan. 1st is so critical. The sooner you fill it out, barring errors made that will result in correction delays, the sooner you will have the EFC number. The processed FAFSA form is called the SAR. In the top right hand corner of the SAR document, there will be a number. This number is the Expected Family Contribution or the EFC. The lower the number, the better.

Two families having the same style of home, cars and similar jobs may have drastically different EFC numbers. It is not only the family income that matters, but rather how many other critical factors are in the equation, i.e. retirement funds, real estate equity, savings amounts, inheritance, stocks, medical expenses, number of children in the family, age of the parents and much more.

If the EFC number is 3000, the parents will be expected to pay around $3000 a year for their child’s college education. However, this is an arbitrary number and it can vary greatly. The deeper pockets a college has, the more a family can expect this figure to be accurate. Colleges meet the EFC in varying degrees. Some meet the EFC at 100% and will come very close to the EFC number. These colleges are well endowed into the future, have financial stability, and can afford to be generous. Some private colleges may be so well-endowed that they may offer a better package than a state university.

Other colleges may meet the financial need at 70% or 80% and require the family to not only pay the EFC but much more. They don’t have the financial capability to be more generous and remain solvent, so students and parents are required to take out more in loans. You have the right to ask for more aid but the odds for success may be poor.

Since there is no guarantee what the financial aid package will be, students should apply at 5-6 colleges and let the Award Letters in March and April tell the story. One college may set the cost of attending 400% higher than another school. Don’t set your heart on one school. Apply early in the fall and patiently wait until spring.