In almost every thing I've read EFC is always referred to as a $ amount. I understood it to be the amount I would have to come up with out of pocket.
I called my daughter's 1st pick school today....a state school and she would be an out of state student (our state does not offer her intended major). They explained the EFC was only an index and I should be prepared that we may only get offered like $2500 in loans. They said I would probably have to take out a parent plus loan for the rest. The rest in this case is around $36,000 per year.
I don't think I qualify for that. I know I should wait to see the package.....but this schools package will follow along after the date the other schools will have wanted an answer.