Expected Family Contribution (EFC)
The U.S. Department of Education has developed a federal methodology for calculating a family's ability to pay for college expenses. The federal government believes both the family and the student are responsible for covering college costs. Both the student's contribution and the parent's contribution are determined by income and assets as reported on the FAFSA as well as household size and number of children in college. Put simply, one's Estimated Family Contribution (EFC) = Student's Contribution + Parent's Contribution.
Click here to estimate your EFC. All colleges and universities participating in the U.S. Department of Education Title IV aid programs are legally bound to use the federal methodology when awarding financial aid. It must be noted that a student's financial aid awards do not necessarily equal the difference between cost of attendance and Expected Family Contribution.
Free Application for Federal Student Aid (FAFSA)
All students applying for financial assistance must complete the Free Application for Federal Student Aid (FAFSA). Students should file the FAFSA as soon as possible after January 1 of the academic year in which they plan to attend college. Be certain to list Illinois Institute of Technology (school code 001691) as a school choice.
The Federal Student Aid website provides students with information on federal student aid. High schools and colleges also provide paper copies of the FAFSA. Additionally, students can request a paper FAFSA from the Federal Student Aid Information Center at P.O. Box 84, Washington, DC 20044 or by calling 800.433.3243.
Family Education Rights and Privacy Act (FERPA)
Student Aid Report (SAR)
One to six weeks after receiving a completed FAFSA, the U.S. Department of Education sends students a Student Aid Report (SAR). The SAR summarizes reported data from the FAFSA; thus, a student should check the SAR carefully to verify its accuracy and should retain a copy of the report. This report includes the Expected Family Contribution (EFC), which is the amount the student and family are expected to contribute to educational expenses.
Each year, the U.S. Department of Education requests documents for verification of information submitted on the FAFSA. Each student should review his or her SAR. The SAR indicates whether the U.S. Department of Education has selected a student for verification of income, citizenship, registration for selective service, etc. Before any federal award money can be disbursed to the student account, students must submit all requested documents to IIT's Office of Financial Aid.