The EFC Calculator survey uses the real FAFSA tables and formulas to calculate the EFC. Each year, the updated FAFSA if available around the last quarter of the calendar year for the following academic year. For example, in late 2015, the FAFSA for the 2015-16 academic year is available and the EFC Calculator is updated at that time.
What does this mean for families filling out the EFC Calculator?
Families should pick the latest dates available and use that as the best available EFC calculations. The great news is that once the updates are available for the next academic year, the only change that needs to be made is to change the answer to Question 1 in Section 1. This will update the EFC calculations based on the updated FAFSA.