The EFC is an assessment of a family’s financial strength, and it determines a student’s eligibility for certain types of financial aid; it’s not necessarily the amount a family will have to pay for college. Your EFC is calculated using a formula set by Congress using the financial information you give on your FASFA application, including income, assets, benefits, family size, and the number of family members in college. To help determine your financial need, colleges subtract your EFC from their estimated cost of attendance (COA).