<p>According to this website for families of students applying to UK universities, the EFC formula is pretty straightforward:</p>
<p>EFC = 0 if parents income is less than 22K pounds (roughly $41K in US dollars)</p>
<p>For each 9.5 pounds above that cutoff, the EFC goes up by 1 pound. (This is a much lower rate than in the US.)</p>
<p>The website says that some other factors are taken into account (e.g., number of children) but there is no indication that parental assets factor into the EFC.</p>
<p><a href=“http://www.ucas.com/studentfinance/help/parental.html[/url]”>http://www.ucas.com/studentfinance/help/parental.html</a></p>
<p>Students whose cost of attendance is greater than their EFC are eligible for **interest-free **student loans. </p>
<p>Students do not need to repay their loans until after graduation AND they are earning 15K in pounds annually (approximately $28K in US dollars). Loan repayment is handled by payroll deduction by the employer, before income taxes are deducted.</p>
<p><a href=“http://www.ucas.com/studentfinance/help/loans.html[/url]”>http://www.ucas.com/studentfinance/help/loans.html</a></p>
<p>Tuition at UK universities can be up to 3,000 pounds (approx $5,500) a year. </p>
<p>There are a variety of scholarships and grants available (some apparently merit-based, some need-based, and some to encourage students to go into high need areas like teaching math, science, & technology.) Educational awards are not taxable, regardless of whether they are applied to living expenses or tuition. </p>
<p><a href=“http://www.ucas.com/studentfinance/help/grants.html[/url]”>http://www.ucas.com/studentfinance/help/grants.html</a></p>
<p>NB: It goes without saying that, quite understandably, these fee and EFC schedules apply to UK citizens, not international students.</p>