Every parent wants their child to be accepted by the school of their dreams and to have the ability to pay for it. For most families, cost is a huge factor in choosing a college. Figuring out how to pay for higher education can be confusing. That’s because there are many factors to consider, including how much it will cost to attend each school and how much your family can afford to pay. Understanding the Expected Family Contribution (EFC) is important in this process.