The EFC is calculated using a formula established by Congress that takes into account your taxable and non-taxable income, assets and benefits such as unemployment and Social Security. This simple test will give you an idea whether you may qualify for federal aid. Assets include but are not limited to home equity, savings and investments. If the result is six or less, you may qualify for financial aid. Regardless of what you expect your chances to be in receiving aid, you may want to apply anyway.
Many different factors enter into the final outcome.
In addition, public and private institutions offer varying amounts of aid. The number of federal aid programs alone should be encouraging. The size of the grant depends on program funding. Supplemental Educational Opportunity Grants Awarded to undergraduates in greater need than Pell Grant applicants. This money is supplied by the federal government, and distributed by individual colleges.