FAFSA Calculator
Estimate your Expected Family Contribution (EFC) and federal student aid eligibility. This calculator provides an approximation based on the federal FAFSA methodology. Actual awards may vary by school.
Total gross income for both parents (if applicable)
Savings, investments (excluding retirement and primary home)
Student savings, investments, trust funds
Number of family members in college at the same time
What is the FAFSA and why is it important?
FAFSA (Free Application for Federal Student Aid) is the form used to apply for federal financial aid including grants, work-study, and loans. Nearly all colleges use it to determine aid eligibility. You must submit FAFSA annually to receive federal aid. Deadline is typically June 30, but submit by your state/school deadlines (often February-March).
What is Expected Family Contribution (EFC)?
EFC is a number calculated from your FAFSA that measures your family's financial strength. It's NOT the amount you must pay - it's used by colleges to determine your financial need. Financial Need = Cost of Attendance - EFC. Lower EFC means more aid eligibility. EFC of 0 qualifies for maximum Pell Grant.
What income and assets are reported on FAFSA?
Report: Gross income (wages, business, investments), untaxed income, savings, investments, real estate (not primary home). DON'T report: Retirement accounts (401k, IRA), primary home equity, life insurance cash value, small business with <100 employees. Use tax return from 2 years prior (2024-25 FAFSA uses 2022 taxes).
How much do parent vs student assets affect EFC?
Parent assets: Assessed at 5.64% after asset protection allowance. Student assets: Assessed at 20% with NO protection allowance. So $10,000 in parent account adds ~$564 to EFC, but same amount in student account adds $2,000. Keep savings in parent name when possible.
Who qualifies for a Pell Grant?
Pell Grants are for undergraduate students with exceptional financial need (typically EFC below $6,000-7,000). Maximum award is $7,395 (2024-25). Unlike loans, Pell Grants don't need to be repaid. Eligibility is based on EFC, enrollment status, and cost of attendance. Most recipients have family income under $60,000.
Do I need to file FAFSA if my family has high income?
YES! Always file FAFSA even with high income. Reasons: (1) Required for federal student loans (not need-based), (2) Some colleges use it for merit scholarships, (3) Financial situations can change, (4) Multiple kids in college divides EFC. There's no income cutoff - some families earning $100k+ still qualify for aid.
What is the simplified needs test and automatic zero EFC?
Simplified Needs Test: If family income <$60,000 and meet other criteria, assets aren't counted (helpful if you have savings). Automatic Zero EFC: If family income <$30,000 and meet criteria, EFC automatically = 0, maximizing Pell Grant eligibility. Both require being eligible to file 1040A/EZ or means-tested benefit.