Parents who fill out the Free Application for Federal Student Aid, or FAFSA, are often shocked by how much the federal government thinks they can afford to pay for college when they receive their official “Expected Family Contribution,” or EFC.

Those who have investigated exactly how the government calculates the EFC say there’s a reason: The formula is so unrealistic and so old—it’s loosely based on a family budget from 1967—that it isn’t surprising that many 21st Century families are flabbergasted.

“Where do they think we’ll get this money from?”

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