Fafsa Calculator – Loan calculator

FAFSA EFC & Financial Need Estimator

Student's Adjusted Gross Income ($):

Student's Cash, Savings, Investments ($):

Parent(s)' Adjusted Gross Income ($):

Parent(s)' Cash, Savings, Investments ($):

Number of People in Household:

Number of Students in College (excluding parents):

Estimated Cost of Attendance (COA) ($):

Your Estimated FAFSA Results:

Expected Family Contribution (EFC): $0.00

Estimated Financial Need: $0.00

This is an estimate based on simplified formulas and should not be considered an official FAFSA calculation.

function calculateFAFSA() { var studentAGI = parseFloat(document.getElementById('studentAGI').value); var studentAssets = parseFloat(document.getElementById('studentAssets').value); var parentAGI = parseFloat(document.getElementById('parentAGI').value); var parentAssets = parseFloat(document.getElementById('parentAssets').value); var familySize = parseFloat(document.getElementById('familySize').value); var studentsInCollege = parseFloat(document.getElementById('studentsInCollege').value); var costOfAttendance = parseFloat(document.getElementById('costOfAttendance').value); // Input validation if (isNaN(studentAGI) || studentAGI < 0) studentAGI = 0; if (isNaN(studentAssets) || studentAssets < 0) studentAssets = 0; if (isNaN(parentAGI) || parentAGI < 0) parentAGI = 0; if (isNaN(parentAssets) || parentAssets < 0) parentAssets = 0; if (isNaN(familySize) || familySize < 1) familySize = 1; if (isNaN(studentsInCollege) || studentsInCollege < 1) studentsInCollege = 1; if (isNaN(costOfAttendance) || costOfAttendance = 6 parentIncomeProtectionAllowance = 40000 + (familySize – 6) * 3000; } var parentIncomeAssessmentRate = 0.30; // Simplified flat rate for this calculator var parentAvailableIncome = Math.max(0, parentAGI – parentIncomeProtectionAllowance); var parentContributionFromIncome = parentAvailableIncome * parentIncomeAssessmentRate; // Parent Asset Protection Allowance (PAPA) – Simplified fixed value var parentAssetProtectionAllowance = 20000; // Example fixed value var parentAssetAssessmentRate = 0.0564; // Actual FAFSA rate for available assets var parentAvailableAssets = Math.max(0, parentAssets – parentAssetProtectionAllowance); var parentContributionFromAssets = parentAvailableAssets * parentAssetAssessmentRate; var totalParentContribution = parentContributionFromIncome + parentContributionFromAssets; // 3. Total Expected Family Contribution (EFC) var rawEFC = totalStudentContribution + totalParentContribution; var finalEFC = rawEFC / Math.max(1, studentsInCollege); // Divide by number of students in college // Ensure EFC is not negative finalEFC = Math.max(0, finalEFC); // 4. Financial Need var financialNeed = Math.max(0, costOfAttendance – finalEFC); // Display Results document.getElementById('displayEFC').innerText = '$' + finalEFC.toFixed(2); document.getElementById('displayFinancialNeed').innerText = '$' + financialNeed.toFixed(2); } // Run calculation on load to show initial values window.onload = calculateFAFSA;

Understanding Your FAFSA Estimate and Financial Aid

The Free Application for Federal Student Aid (FAFSA) is the gateway to federal student aid, including grants, scholarships, work-study programs, and federal student loans. Completing the FAFSA is a crucial step for any student seeking financial assistance for college or career school.

What is Expected Family Contribution (EFC)?

The primary output of the FAFSA is your Expected Family Contribution (EFC). This is an index number that colleges use to determine how much financial aid you are eligible to receive. It's not necessarily the amount of money your family will have to pay, nor is it the amount of federal aid you will receive. Instead, it's an indicator of your family's financial strength and ability to contribute to educational expenses.

The EFC is calculated using a complex formula established by Congress, taking into account various factors such as:

Student's Income and Assets: A portion of the student's income and assets is expected to contribute to their education.
Parent(s)' Income and Assets: For dependent students, parental income and assets are significant factors. This includes Adjusted Gross Income (AGI), savings, and investments (excluding primary residence and retirement accounts).
Family Size: The number of people in the household.
Number of Students in College: How many family members (excluding parents) will be enrolled in college during the aid year.
Dependency Status: Whether the student is considered dependent or independent for financial aid purposes.

How Financial Need is Determined

Once your EFC is calculated, your financial need is determined by subtracting your EFC from the college's Cost of Attendance (COA). The formula is straightforward:

Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

The COA is an estimate of what it will cost to attend a particular school for one academic year. It includes tuition and fees, room and board, books and supplies, transportation, and personal expenses. Your financial aid package from a school will aim to cover your financial need, though it may not always meet 100% of it.

How This Calculator Works (Simplified Model)

Our FAFSA EFC & Financial Need Estimator provides a simplified calculation to give you an idea of what your EFC and financial need might be. It uses common assessment rates and allowances, but it's important to understand that the official federal methodology is much more detailed and includes various nuances not captured here. This calculator assumes a dependent student status for its calculations.

Key factors in this calculator's estimate:

Student's Income & Assets: A portion of your income (after a protection allowance) and assets are assessed.
Parent(s)' Income & Assets: A larger portion of parental income (after an income protection allowance based on family size) and a smaller portion of parental assets (after an asset protection allowance) are considered.
Family Size & Number in College: These factors influence the allowances applied to income and assets, and the final EFC is divided by the number of students in college.
Cost of Attendance (COA): Your estimated COA is used to determine your financial need.

Example Calculation:

Let's consider a hypothetical family:

Student AGI: $0
Student Assets: $500
Parent AGI: $60,000
Parent Assets: $15,000
Family Size: 4
Students in College: 1
Estimated COA: $28,000

Using our simplified model:

Student Contribution: (0 – $7,600) * 0.50 = $0 (income protection) + $500 * 0.20 = $100. Total Student Contribution = $100.
Parent Income Protection Allowance (for family of 4): ~$30,000.
Parent Available Income: $60,000 – $30,000 = $30,000.
Parent Contribution from Income: $30,000 * 0.30 = $9,000.
Parent Asset Protection Allowance: ~$20,000.
Parent Available Assets: $15,000 – $20,000 = $0 (asset protection).
Parent Contribution from Assets: $0 * 0.0564 = $0.
Total Parent Contribution: $9,000 + $0 = $9,000.
Raw EFC: $100 (Student) + $9,000 (Parent) = $9,100.
Final EFC (1 student in college): $9,100 / 1 = $9,100.
Estimated Financial Need: $28,000 (COA) – $9,100 (EFC) = $18,900.

This example shows how different components contribute to the final EFC and how that impacts the potential financial need.

Important Disclaimer:

This calculator provides an estimate based on a simplified interpretation of the FAFSA methodology. The actual EFC calculated by the Department of Education may differ. Factors like specific tax deductions, untaxed income, and other special circumstances can influence the official EFC. Always complete the official FAFSA form at studentaid.gov for an accurate determination of your eligibility for federal student aid.