Question What does EFC mean? Answer EFC is the Expected Family Contribution level determined by the US Department of Education. In short, EFC reflects the family's ability to pay for college during the award year. It is based on the information provided by the student on the Free Application for Federal Student Aid or confirmed through the verification process. EFC is the sum of the parental contribution (dependent student only) and student contribution. EFC does not reflect what the student or parents may have in "cash on hand" but an index of what the family is expected to contribute towards the student's education and living expenses throughout the award year.