It is the amount that your family is expected to contribute to your education per year
While the definition Pea supplied for EFC is correct, it is NOT the amount your family is expected to contribute. It is the MINIMUM your family is expected to contribute. Most schools cannot meet the full financial need of their applicants so they gap the students. That is VERY common for out of state schools. Are you in-state for UT?
Pea is right that there must be a mistake in your info. $40K of income does not equal a $80K EFC. $40K income should be at most $12K EFC. What do you want to know about Vets benefits?