Another important aspect of the relationship between your 529 plan and FAFSA is your EFC, or Expected Family Contribution. The information you submit on your FAFSA is used to calculate your EFC, which is, roughly speaking, the amount of money your family is expected to contribute to your or your child’s education. Although you may end up paying significantly more (or less) than your EFC, this figure is used by colleges as a starting point to determine your financial aid eligibility. The EFC formula is based on a variety of factors, with income and assets being at the top of your list. Depending on who owns the 529 account, it may be counted as an asset on your FAFSA, and therefore could increase your EFC.