An acronym for the phrase "easy Freshman pussy". This is often used by high school Junior or Senior (sometimes even people who are graduated form high school) douche bags who are too insecure to bang girls their own age. Many reasons fuel the phenomenon of E.F.P., but it is most commonly because a 17 year-old penis looks gigantic to a 14 year-old.
Guy 1: "Damn, dude... She's kind of young."
Guy 2: "Shut the fuck up: you know I love me some E.F.P."