Get The Efc Formula 2016-2017 - Studentaid Ed

Filling out the Expected Family Contribution (EFC) Formula for the 2016-2017 academic year is essential for determining eligibility for federal student aid. This guide provides clear, step-by-step instructions on how to complete the form accurately and efficiently online.

Follow the steps to fill out the EFC Formula correctly.

1. Click the ‘Get Form’ button to obtain the EFC Formula and open it in your preferred online editor.
2. Begin by filling in personal information such as student and parent(s) names, Social Security numbers, and specific financial details from the FAFSA.
3. Identify dependency status and select the correct EFC Formula Worksheet based on whether you are a dependent or independent student.
4. Complete the income section, providing your adjusted gross income and earned income for both the student and parents, ensuring all figures are accurate from the relevant tax forms.
5. Calculate the total income by adding together all relevant income sources, including taxable and untaxed income. Ensure to double-check entries to minimize errors.
6. Apply allowances against income by referencing the provided tables to correctly account for tax paid, state allowances, and other deductions.
7. Calculate the discretionary net worth by entering values for cash, investments, and other assets, and applying the appropriate asset conversion rates.
8. Use the provided formulas to compute the final EFC, ensuring that all calculations are rounded accurately as per the instructions.
9. Review the entire form for completeness and accuracy before final submission. Ensure all information aligns with the FAFSA data.
10. Save changes, download a copy of the completed form for your records, and share or submit it as required by your institution.

Complete your EFC Formula online today to ensure you receive the financial aid you need for your education.