<p>are bank accounts used in the calculation of the EFC? also will it be higher if you have lots of cash assets or own expensive property, like houses and land?
does anyone know any ways a student can lower their EFC, besides not having a job or bank account?</p>
<p>Yes, bank accounts and the assets described are used in calculating the EFC. There are some differences between the way EFC is calculated for the FAFSA and the Profile. Big difference is the equity in your home is not counted for the FAFSA but is counted for the Profile.</p>
<p>As for lowering your EFC, that is a broad subject. You can’t do much about income (unless you are a business owner or farmer), so focus on the assets. NO assets in the child’s name. However, parents get an asset protection allowance.</p>
<p>If you want to know the specifics of how the EFC is calculated, get a copy of “Paying for College Without Going Broke” by Kalman Chany.</p>