EFC stands for Estimated Family Contribution. Your EFC code plays an important role in determining what kind of financial support an institution will expect you – and your family – to contribute to college costs. Simply put, the EFC code is the amount of money that the school expects a student's parents or family to contribute to funding a student's education. The EFC is, in part, your ticket to financial aid from the school and the government. Loans, grants and other types of financial aid are based on the difference between the EFC and the expected family contribution.