Financial aid is a critical part of your student’s ability to attend the college. It can make the difference between attending full-time, part-time or at all. Not applying is not a choice.
October marks the start of the financial aid process for all students planning to attend college in the Fall 2018. Whether a student plans to attend a traditional 4 YR institution, community college, technical or professional program, eligibility for financial aid can assist one’s ability to pay.
Financial aid is defined as a need-based resource designed to assist students and parent(s) to supplement their ability pay the cost of attending college. Financial aid consists of grants, loans, work-study and many private scholarships. It is awarded to eligible students from resources including federal and state government programs, college and universities and private philanthropic scholarships programs.
Financial Need
Hit submit, the FAFSA® process calculates the Expected Family Contribution (EFC). The Expected Family Contribution (EFC) is the amount of money a student/family is expected to contribute towards a student’s educational cost. Each student/family’s EFC is different, because each student/family’s financial picture is different. Income, assets, household size and number of children in college are part of determining the EFC. The difference between the Total Cost of Attendance and the EFC is known as a student/family’s Financial Need (also known as the Unmet Need). Completing the FAFSA now, learning what the resulting EFC calculation equals is the important first part of understanding cost of attending college.
Net Tuition Cost
The Admissions and Financial Aid process concludes with each college and/or university communicating their “offer” through a Financial Aid Letter. Evaluating the “offer” and its financial components (scholarships and/or need based aid) one learns the final critical number to the paying for college equation, the remaining Net Tuition Cost.
The Net Tuition Cost is the final amount a student/family would be expected to pay to attend. In each of the three examples the Expected Family Contribution remains the same, however, all other factors are different. Different between private and public institutions, interest in the student and the overall financial resources available from the institution(s).
It is recommended that students apply to a wide range of institutions to allow each to evaluate a student based on their individual profile, their “resume” (academic, talent and personal background) and the students overall interest in attending.
Ultimately the decision to enroll in a specific institution should be based on a student’s overall interests, the potential to achieve academic & personal development while enrolled, outcome opportunities (employment) and the overall affordability of an institution.
Get the 2018-2019 FAFSA Started Now.