Behind the apparent simplicity of the formula above lies a wealth of hidden options that can save -- or cost -- you money. Later this fall, come back to PrincetonReview.com to use our Expected Family Contribution Calculator. It includes explanations of these hidden options as well as an easy way to help you figure out your EFC.

When you have all your financial and tax information for your base year (2002 for those attending school in 2003), you're on your way to a rough approximation of what your Expected Family Contribution will be under both the federal and the institutional methodologies. In the fall through the end of the year, the most important thing to do is your taxes in order to fill out the forms as soon as possible -- on January 1 for the FAFSA, for example.

Bear in mind that the amount you calculate for your EFC will be an approximation. While you are using the same formula(s) used by the need analysis companies, because you will be estimating many of the numbers there is little likelihood that it will be exact.

So what's the bottom line? Well, there really is no one number fixed in stone for your family. In fact, you will see as you begin to play with your numbers that there are numerous ways to present yourselves to the schools. By using the tax and finance strategies we outline, you can radically change the financial snapshot that will determine your Expected Family Contribution. Your EFC's bottom line will also be determined in part by whether you choose schools that use the federal or the institutional methodology to award institutional aid.

The FAOs Tinker with the Numbers
You should also bear in mind that the financial aid officers have a wide latitude to change the figures the need analysis companies send to them. If a school wants a particular student badly, the FAO can sweeten the pot. If a school has a strict policy on business losses, your Expected Family Contribution at that school may be higher than the Feds said it would be. It can almost be as if you submitted your tax return to five different countries. Each of them will look at you a little differently. One country may allow you to have capital losses that exceed capital gains. Another country may disallow your losses.

Even if your numbers look high, never assume that you won't qualify for aid.