COA - EFC = NEED
If you’ve begun the college search, you’ve probably heard of a little thing called financial aid. The term is pretty self-explanatory; however, if you’ve talked to anyone who has filled out financial aid forms, the process is anything but simple. But it’s not impossible. Learning more about financial aid on a basic level can help you get a grasp of the process and the end goal as you’re sharing information with colleges and analyzing financial aid award packages. So why don't we start with a simple equation:
The net price calculator will ask a lot of the same questions as the FAFSA, such as parental income, student income and cash on hand. It will then provide a look at what the students and their family can anticipate to pay towards cost of attendance after scholarships, loans and self-help. You should also keep in mind that cost of attendance changes on an annual basis, so the net price for freshmen year may be different than sophomore year and so on.While the form asks a lot of financial questions, it also asks about the number of family members living in the household, number of students in college at the same time, ages of each family member and state in which the student resides. Unfortunately, most of the time, the EFC and what you can actually pay don’t equal the same number.
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