A. If you already know which college your child will apply for, you should use that college's financial aid office's published Net Price calculator to estimate your EFC.
If you just want to get a general idea about your EFC, you can use College Board's EFC calculator which is a pretty clean and accurate EFC tool.
Also, here are some general rule of thumb you can use:
- Income is the most important factor - 20-30% of your income will go towards EFC. e.g. If your income increases by $10,000, your EFC might increase $2,000-3,000.
- Asset is less important - about 6% will count towards EFC. e.g. If your assets increase by $10,000, your EFC will increase by roughly $600.