Use the College Cost EFC Calculator to calculate possible College Cost savings!
Determine how to lower your costs based on income, assets and family need.
Get more Financial aid money for college.
The steps are as easy:
- Fill in the calculator to get a ball park idea of what your Expected Family Contribution (cost) of college will be and your potential cost savings, the calculator will automatically calculate what savings may be possible.
- If saving money on college by reducing your out of pocket cost is important to you then the next step is to take action, fill out the calculator below.
- After you receive the savings results by clicking on the “calculate” button below you will have an opportunity to obtain very valuable informational reports for free. The reports are detailed information on specific colleges including the net cost and percentage of need filled.
To fill out the Calculator above use estimated amounts or figures from IRS 1040 form -
Directions – see below to fill in Calculator
Taxable Income is AGI line 37 on 1040 tax form (2013)
Untaxed income is (Tax-Deferred and Untaxed Income) that was not included in taxable income – see below
IRA deductions and payments to SEP, SIMPLE and Keogh plans, contributions to tax-deferred pension and savings plans.
Child support received for all children, Does not include adoption payments or foster care.
Tax-exempt interest income.
Untaxed portions of IRA distributions and pensions.
Veterans’ non-education benefits such as Disability, Death Pension, Dependency & Indemnity Compensation.
Income taxes paid is line 55 – 1040 form (2013)
Cash- savings- checking totals – Do not include retirement Accounts, IRA’s 401K’s, 403B’s, 457 Etc.
Net worth of investments – Stocks, mutual funds, real estate, etc. – Do not include home or home equity, do not include retirement accounts, IRA’s 401K’s, 403B’s, 457 Etc.
Number of college students – number of students going to school next year.
College Funding Institute provides a quick calculator to estimate your EFC. Note that this is an estimate to determine if there is a possibility of increasing financial aid. The actual EFC will be determined by the Department of Education after processing your FAFSA,
Because of differences in assumptions and simplification of the calculation process, your final EFC may vary.
Information and interactive calculators are made available to you as self-help tools for your independent use. This calculator depends on the information you provide. The calculations rely on a number of simplifying assumptions, and the results may vary from your actual situation. This calculator is meant to give you a general idea about where you stand financially, based on the amounts provided. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.