Troy Onink provides a handy tool for quickly estimating a family’s chances of qualifying for college financial aid using income-based EFC values.
2014 EFC Quick Reference Table for College Aid
Step 1 – Locate your income in the AGI column.
Step 2 – Find the column at the top of the table that corresponds to the number of dependent children that you have and follow that column down to the row that corresponds with your income (AGI). The intersecting number is your estimated Federal EFC based on parental income only. The estimated EFCs in the table below do not take into account your assets, or if you make contributions to qualified retirement plans or receive any form of untaxed income. All of which will increase EFC.
Colors show the chances for aid at four types of colleges.
Color Codes All of the EFCs are color coded to give you an idea of whether the student will qualify for need-based financial aid at four categories of colleges. The color coded EFCs in the table are based on national average costs and your income only. If your (income-only) EFC is BLUE – then your child should qualify for need-based aid at two-year public colleges; GREEN – would qualify at four-year public colleges (in-state tuition); YELLOW – would qualify at average four-year private colleges; ORANGE – would qualify at four-year elite private colleges, such as the Ivy League colleges and other highly selective and well-known universities; RED – would not qualify for need-based aid at any colleges or universities.
As the colors indicate, families with incomes in the range of $250,000 could qualify for need-based aid at some of the most expensive private universities but not at state schools.