New EFC Formula Guide published
August 11, 2022
For anyone who’s working in financial aid, the new 2023-24 EFC Formula Guide should be helpful but won’t likely include many dramatic changes – not in comparison with what is expected next year when FAFSA simplification is implemented.
In any case, the new 2023-24 guide, the posting of which was announced in an August 10 Electronic Announcement, should be helpful in the awarding of federal financial aid.
According to the announcement, the guide includes EFC worksheets and tables for the 2023–24 processing cycle. The worksheets and tables in the guide can be used to calculate an estimated EFC for students.
The methodology for determining the EFC is found in Part F of Title IV of the Higher Education Act of 1965, as amended (HEA).