Answering the question how is financial aid determined is complex. Paying for college is one of the most complicated personal financial decisions and processes a family will go through in their life time. How financial aid is determined for college is explained in the various videos within this website. Having an understanding of the various pieces combined with the subjectivity of each school’s objective is why this process is so confusing to the average person.
With the cost of college increasing at an alarming rate, making the correct financial decision and trying to get the most financial aid is crucial. To make the process worst, there are college saving plans and educational tax credits that need to be considered. Creating a personal cost of attendance for each college and knowing how your expected family contribution is calculated are key to getting financial aid for college.
The majority of financial aid is determined by the specific college’s financial aid office. A great deal of focus is placed on the expected family contribution (EFC) calculation. The schools gifting policy and student body profile is a very important part of finding the most amount of financial aid. The unique qualities and type of student you are impact the school’s decision. Understanding how you fit the school’s student profile and objectives may influence your admission and financial aid package. The college office of enrollment management tries to create a quilt of profiles. The college then evaluates the financial aid demand of each student and makes their decision of acceptance and financial award.
This financial aid video gives you the insights on how is financial aid is determined for college:
- Financial aid calculation strategies
- Parts of the financial aid
- Ways to pay tuition
To determine how much financial aid your child will receive for college you will need to do a complete analysis of the COA and EFC for each college. EFC PLUS process can help you avoid common mistakes and maximize your tuition dollars.