How much financial aid you receive in college will be considered? To this statement, you must calculate your expected family contribution or EFC. The lower your estimated EFC, the more financial support are you entitled to obtain on.
Expected Family Contribution plays an important role in the college to the financial aid process. In the case of federal aid, your EFC is determined from the FAFSA application. It is very important to learn aboutThe FAFSA form specifically asked the questions, because mistakes are made, may be negative when filling out the form on your EFC impacts. It is not only the student's financial situation concerns the EFC. The parents and student income and wealth effects of the EFC.
In addition to income and assets have questions, you answer questions on the FAFSA in relation to the number of children in the family, school and family are great. If a family has three children then in school, theParents are one third of the parents to contribute to the same family with one child in school. The EFC calculation, determined by the federal government is a complicated formula that:
takes into account the size of the custodial family
A profit-protection guarantee for basic services to
takes into account the amount of liquid available savings of the student and parents (Tip: Savings students have a dollar for dollar impact on the EFC is greater than the parents) and
Hitsdisclosure of corporate and investment income.
The EFC formula does not take into account the financial strength of the noncustodial parent, home equity, retirement accounts like IRAs protected, and small business value. Once the Federal EFC is calculated to determine the financial aid office of your need or your students.
The calculations are not finished yet! Another simpler formula is now operational. Subtract Expected Family Contribution of costs for participation inGet your state-required charge. In cases where the EFC is greater than the costs of participation, the college financial aid applicant as "no need" to be a student and will not be eligible for need for financial assistance.
Some find this business EFC to be downright confusing. If you are not already a little confused, then maybe do the trick! Many institutions employ mainly four-year private colleges, drew their own EFC calculation, usually onAs institutional methodology. The College Board offers the most widely used institutional use - the CSS Profile. The CSS Profile, unlike the FAFSA, is a price to be involved with the application. While the colleges in your Federal EFC is determined by use of a user of the FAFSA federal eligibility for federal loans, calculate grants, and work-study, they are clicking your own EFC to the eligibility of funds to be calculated.
Facilities, with extensive facilities, such as private schools can have their ownMethod to determine what kind of students they want to win and keep using their own resources. But are federal student financial aid, must always be determined by federal methodology, a fact which must be disclosed on your award of the grant letter. In further contrast can make claim to the FAFSA, EFC institutional forms and no more often dismissed as the FAFSA application of financial issues. For example, a non-custodial parents and their spousesmust disclose their income and assets. Home equity from both parents is also used in the calculation.
Fortunately, the CSS Profile and other student aid applications ask you to disclose your expense, rather than relying on an income protection allowance used in the states EFC calculation. This allows students and families create more open than the average size of household costs. If your family's financial circumstances or hardships experienced that not be reflected on the FAFSAand CSS Profile, then it is possible, the financial aid office for a revision of the EFC approach.
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