Each college calculates the amount of money you and your family are expected to pay towards the cost of attendance. You can use an online calculator to estimate how much you should expect to pay.
The expected family contribution (EFC) for a student is the amount the family is expected to contribute towards a student's cost of attendance.
Some Factors Used to Calculate EFC
• Number of people in your family
• Ages of each person in your family
• Your parents' marital status
• Number of your siblings in college
• Annual incomes for you and your parents
• Total value of your and your parents' assets
A student's financial need is the difference between the student's cost of attendance and the student's expected family contribution. A college will calculate what they consider to be your financial need. The college will use their calculated cost of attendance and their calculation of your EFC.
Financial Need 5 Cost of Attendance 2 EFC
Financial aid is any money offered to a student to assist with the cost of attendance. Financial aid can come from many sources, including the government, the college, charities, or local organizations.
Examples of Financial Aid
• Scholarships
• Grants
• Loans
• Work-study employment
Your financial aid package, the total amount of financial aid you receive, may not cover your entire financial need. If that happens, you and your family are responsible for the difference.