Making mistakes can drive up your Expected Family Contribution
causing some families to pay thousands more for college than necessary.
FAFSA has calculated the family contribution
at $9,000, while Profile has calculated it at $45,000.
Students are responsible for the expected family contribution
(EFC) based on income, and the colleges then make up the difference with grants, scholarships, and financial aid.
During that period, "the expected family contribution
" skyrocketed, leaving both students and parents to take out loans after savings and earnings were exhausted.
Early this year, however, that pattern was interrupted when the IRS announced that it had reduced the 2018 maximum family contribution
limit to an HSA from $6,900 to $6,850.
Be specific about what you are requesting, and be sure to explain if you have specific circumstances such as medical costs or a job loss that may have affected your ability to meet the expected family contribution
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After a review of the necessary financial documentation, Georgetown will determine the family contribution
amount and provide a scholarship to cover the remaining costs.
Assets held in a 529 plan owned by a dependent student or his or her parents, for example, have a weighting of just 5.64% in the Expected Family Contribution
calculation used in the Free Application for Federal Student Aid (FAFSA).
The section on federal financial aid insider tips on applying and explains elements such as expected family contribution
and different types of grants and loans.
It addresses types and sources of financial aid, how to get need-based and merit-based aid, how to estimate your Expected Family Contribution
, how the Net Price Calculator can help you, and college cost considerations.
The FAFSA is used to determine the expected family contribution
, or EFC, to college expenses based on a family's financial situation.