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If you're relying on federal student loans to help you pay for college, you'll first need to complete your Free Application for Federal Student Aid (FAFSA). The information you provide on the ...
Factors that may reduce the Expected Family Contribution (EFC) when calculating financial aid eligibility include: Number of Family Members in College: If there are multiple family members attending college at the same time, the EFC for each student may be reduced. This is because the cost of education is divided among the family members ...
Your Expected Family Contribution (EFC) is pumped out automatically by your Free Application for Federal Student Aid (FAFSA). EFC and FAFSA Problems: When Your Parents Can’t Help Pay for College ...
Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC). If the EFC is less than the cost of attending a college, the student has a financial need (as the term is used in the U.S. financial aid system).
Debt in the United States. In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [1]
You can also use a college ROI calculator to estimate how much money you can expect to earn after graduation to help inform your school choice. 2. Get the most out of financial aid
After completing the FAFSA, students are presented with a Student Aid Report (SAR). The SAR provides a student with their potential eligibility for different types of financial aid, their Expected Family Contribution (EFC), and a summary of the data a student provided in the application. [14]
One of the most significant changes is moving from the expected family contribution (EFC) need analysis formula to a student aid index (SAI) to determine eligibility for federal student aid.