A tool employed by educational institutions and families, the software assesses a family’s capacity to contribute financially towards college expenses. It provides an estimate of the expected family contribution (EFC) based on submitted financial data. This estimation is crucial in determining eligibility for various forms of financial assistance, including grants, loans, and work-study programs.
This assessment process simplifies the application for financial aid, streamlining data submission and verification. Historically, families faced complexities navigating disparate forms and requirements across different institutions. The implementation of such tools aims to promote equity in access to higher education by offering a standardized methodology for evaluating financial need. Further, the efficiency gained allows institutions to allocate resources more effectively and offer support to a broader student population.
