The college costs mounts nowadays and the personal liquidity diminishes which inturn pave the way for the families to search for assistance. But long before the affordability and cost were the key factors that determine the college access for many students and the current economic crisis took over the collective consciousness. The search of the families begins with the need to pin down the Expected Family Contribution which is related to the educational expenses of the student. A student can receive or expect less or more financial assistance from different sources like federal and state governments and some of the colleges and it depends on the Expected Family Contribution EFC. The EFC is calculated by 2 forms the college Scholarship service profile and the free application for federal student aid. To draw in as much funds from government as possible all school are in need of the Free Application for Federal Student Aid. Most of the schools use this application to determine the eligibility of the student for institutional funding. The PROFILE is used by more than 400 private colleges to determine the eligibility of the student for funding from their sources.
It is very simple to determine the EFC that is by completing the forms and finding out how the student is expected to contribute from family resources. The federal government has asked the institution to provide the net price calculators on their official websites and the online FAFSA forecaster is mainly designed for this purpose. There are some predictive resources that can provide reliable answers to families which are in need of the EFC information. The online forecaster can only be capable of providing generic responses because it not constructed to assess the personal nuances of the family situations. The online forecasters can address some factors like contribution from non custodial parents, allowances for mitigating employment or health circumstances and the treatment of home or asset equity. The value that is attached to the applicant will not be accounted by the selection process of the institution and that value determine the composition ultimately of a financial aid reward like work study, grants and loans. Most of the private school exercise different need analysis. They have to elect either the PROFILE or FAFSA methodologies to assess the EFC. The EFC assessments can differ by 5000 dollars to 10000 dollars because of the difference in the methodologies which is the main problem. The college costs remain a guessing game even if they seek an early estimate of the EFC directly.
By: Teni Sow | Senior Editor at Tambapress.com and Regular Contributor to Presspresser.com
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