All of the following statements concerning educational funding is correct EXCEPT: a. A student must submit a FAFSA (Free Application for Federal Student Aid) form to become eligible for federal financial aid. b. The EFC (Expected Family Contribution) is a formula that indicates how much of a students familys resources ought to be available to assist in paying for the student's college education. c. Factors used in calculating the EFC include taxable and nontaxable income, assets, retirement funds, and benefits, such as unemployment and Social Security. d. A common method of reducing a familys EFC is creating a trust for the parents and increasing the familys estate.