What contributes to the EFC?

swimcatsmom
Wed, 27 May 2009 14:30:20 +0000

Certainly any other money in the bank has to be reported and is used in calculating the EFC (unless it is below protected for thresholds for parents, students have no asset protection). Cash in the bank and savings are treated exactly the same (I am not sure why they even ask for them as separate items) in the formula. 20% of student assets go to the EFC and up to 5.6% of parent unprotected assets. But, based on the instructions above, we do not report money in the bank that is from financial aid.