The Free Application for Federal Student Aid (FAFSA) is the only form needed to apply for financial aid. The FAFSA requires students, and parents of dependent students (students under the age of 24), to report income and asset information from the previous calendar year. Once completed, the FAFSA will calculate a student’s EFC (“Expected Family Contribution”). The EFC is an index used by schools to determine a student’s financial need and award financial aid, it is not the actual out of pocket that a family is required to pay.