Determining The Cost of College
Trying to figure out what college will cost can be very daunting. One must consider Tuition, Room and Board, Books and Supplies, Fees, and Other Personal Expenses. How much a family needs to contribute is an issue for all involved and will be a big determining factor when applying for financial aid. A basic formula for you to know when determining how much need based aid you can get is, COA-EFC=FN. This means Cost of Attendance - Expected Family Contribution = Financial Need. Your EFC, or Expected Family Contribution is established by law and is based on your families taxed and un-taxed income, assets, benefits such as social security or unemployment, family size, and number of family members in college. You can figure out your families Expected Family Contribution ( EFC),
by using an EFC calculator. Typically you can find an EFC calculator on any of the college websites, finaid.org, or even the College Board website bigfuture.collegeboard.org. The FAFSA4caster at studentaid.ed.gov is also a free early eligibility estimator.