Based on this formula, your school's financial aid office will prepare a financial aid package and send you a financial aid offer. Consideration It's possible that the most expensive school on your list might not cost you the most. Don't let a school's sticker price be the only factor to sway your decision to apply. It all depends on the total financial aid package awarded by each school.
This information is available in your financial aid offer. Understand how to review and compare financial aid offers to determine the amount of money you'll need to pay for college. Learn more about financial aid offers. So what is an EFC? Related topics. Compare financial aid offers Understand how to review and compare financial aid offers to determine the amount of money you'll need to pay for college. Numerous calculations determine the cost of college for a student.
Perhaps the most important number to understand is your Expected Family Contribution. That said, the EFC number is not the definitive amount your family must pay for school. Rather, the number is a starting point. From this starting point, financial aid and grant providers normally, the federal government, state government, and your college will calculate what kind of aid you should receive.
For a full run-down of student aid, check out our comprehensive guide. It will take into account factors like your household income and the number of family members including current college students! It will not take into account consumer debt, such as credit card balances and auto loans.
Therefore, having credit card debt, mortgage debt, or the like will not increase chances of a more favorable EFC number. If you are unsure about how to answer certain FAFSA questions, check out our tips to approach tricky questions.
The federal government then takes your answers, and calculates your EFC according to a complicated EFC formula see this worksheet to calculate yours. Therefore, your EFC could change from year to year. This is especially true in cases where the person in charge of income falls ill suddenly or becomes unemployed. If you do qualify, the system will exclude household assets from the calculation of your EFC number.
This generally means your household will be seen to have fewer financial resources, so your EFC will be lower, and your eligible aid package will be higher. Each school considers your EFC to calculate how much federal student aid you are eligible for.
The COA will often include room and board that is, accommodation and meals , textbooks, student fees, and transportation. Usually, colleges will try to close that gap by providing you with a financial aid package consisting of grants, loans, and work-study. Here are three examples of how this calculation will work:. Some schools or organizations also offer financial aid that is not need-based, to provide further financial assistance. In other words, your eligibility is based on the amount remaining, after receiving need-based aid, scholarships, and grants.
Your EFC is not considered here. Many of these scholarships have no household income requirement and are open to all kinds of families, not just low-income ones. Going Merry is your best source to find those external scholarships.
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