I have recently returned from a conference, where we spoke specifically
about the EFC, the Estimated Family Contribution that the Federal
Government and each College and University uses to determine how much
financial aid you need, and specifically how much your family can
contribute to college. These numbers can vary dramatically from college
to college, and family to family, depending on how many children are in
college at once, and other expenses. Knowing your EFC can be an
important tool as you and your child navigate the financial aid waters.
I cannot tell you how many times I have heard parents say that they are not eligible for financial aid, only to find out later that they can get some aid. Whether that aid comes in the form of loans or grants (which don't have to be repaid) is also a big issue.
So, please, do yourself a favor, grab your last tax return and go to one of the following websites (or both) and do the calculations. I would put in your state school, and a private school to see how the calculations change. If your student has a first choice school, go to their website and find the EFC Calculator and see what comes up there, too. It shouldn't take more than 15 minutes, time well spent, I assure you.
FAFSA4caster https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
(This is run by the federal government)
Big Future https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator
(This one is run by the CollegeBoard, and you can choose between federal methodology and institutional methodology)
Please bear in mind that this does not account for merit aid packages, and some colleges require you to complete the FAFSA (even if your EFC is high) in order to be eligible for merit aid.
I cannot tell you how many times I have heard parents say that they are not eligible for financial aid, only to find out later that they can get some aid. Whether that aid comes in the form of loans or grants (which don't have to be repaid) is also a big issue.
So, please, do yourself a favor, grab your last tax return and go to one of the following websites (or both) and do the calculations. I would put in your state school, and a private school to see how the calculations change. If your student has a first choice school, go to their website and find the EFC Calculator and see what comes up there, too. It shouldn't take more than 15 minutes, time well spent, I assure you.
FAFSA4caster https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
(This is run by the federal government)
Big Future https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator
(This one is run by the CollegeBoard, and you can choose between federal methodology and institutional methodology)
Please bear in mind that this does not account for merit aid packages, and some colleges require you to complete the FAFSA (even if your EFC is high) in order to be eligible for merit aid.
