Which one of the following statements is NOT correct?

A. A student must submit a FAFSA (Free Application for Federal Student Aid) form to be eligible to receive federal financial aid.

B. The seven repayment plans for a Stafford loan are: standard repayment, extended repayment, graduated repayment, income based, income contingent, pay as you earn, and revised pay as you earn repayment.

C. Factors used in calculation the EFC include taxable and nontaxable income, assets, and benefits, such as unemployment and Social Security.

D. Parent PLUS (Parent Loan for Undergraduate Students) loans are for parents to borrow to help pay for a dependent's undergraduate education expenses and are based on financial need.