College Financial Aid Calculation

Posted on October 31, 2011 by Admin
College Financial Aid Calculation

College Financial Aid Calculation

Paying for College

Paying for college can be a very daunting task. It's usually the number one thing on high school student's minds world wide. Unfortunately, the costs for college don't go down, rather they just keep on climbing. Sadly enough, the price of college deters a large group of students from furthering there education and getting a degree. If a student has a degree, he/she will earn over a million more in there lifetime then they would have without it. The question everyone's asking, is how can anyone in a low income situation afford college?

EFC - Expected Family Contribution

There are lots of different financial aid options, but the question is, are you eligible for all of them? When you first start your process of getting financial aid you will have to fill out a FAFSA (Free Application for Federal Student Aid.) While you are filling this out with all of your financial information they're gathering stats for your EFC. The EFC is your Expected Family Contribution, it determines how much you will have to pay, if any at all. The EFC to wish for is a zero, which means you will not have to pay a sent! However, if your is EFC is more than what it will cost you for a semester at the college of your choice, you won't get very much, if any, financial aid.

Pell Grant

The Pell Grant is a savior for many college students. The max you can get from a Pell Grant is 5,550 dollars, but the amazing thing is you don't have to pay it back! You can only renew the Pell Grant once a year, but you can get this until you are done with your four year college program.