Determining how to pay for college, all post-high school education programs is critical. Savings, scholarships, need-based aid, and other tuition assistance all play a role in determining how to meet educational costs. Financial aid is available to help supplement a family’s ability to meet the cost of attending a four-year, two-year community college, trade and professional school, full-time or part-time.
October marks the start of the application filing period and the completion of the Free Application for Student Aid (FAFSA). This vital process is part of determining a family’s eligibility for need-based financial aid, including grants, loans, work-study, and many private scholarships.
Complete the form, hit submit, and the FAFSA® process calculates the Expected Family Contribution (EFC). The Expected Family Contribution (EFC) is an amount of money estimated that a family could contribute to the cost of college.
Cost of Education minus Expected Family Contribution = Demonstrated Financial Need
Many families may feel that the EFC does not represent their ability to finance the cost of college, financial resources available. For many, it does help illustrate the initial cost to a family and is an essential step in finding an affordable educational path after high school.
Affordable College Choice
As illustrated below, three schools with different or similar costs offer varying tuition assistance packages, including scholarships and need-based financial aid. The EFC remains the same; however, the final net price may be different.
It’s essential to consider a range of college options. Each will evaluate a student’s interest and potential compared to their enrollment needs. If interested will offer their investment of tuition assistance in the hopes, a family will select them. The broader the range, the greater the options.
Determining affordability begins with filing the FAFSA