Tom Bottorf is the founder of GetCollegeFunding, Inc. and is responsible for a fabulous seminar entitled “The Missing Link in Planning for College”. It gives valuable insight on the financial aid process so I’m encouraging all parents and students to take a look.
As a parent your goal should be to find a good school for your child(ren) where they can get a great education at an affordable price. As Bottorf points out, there are common mistakes that parents and students make when searching for that school which can be avoided when you know the ins and outs of financial aid.
The two types of financial aid are based on need or based on merit. It is very important that as a parent or student, you determine your EFC (Expected Family Contribution) to find out what type of aid you will be eligible for. Your EFC is the amount of money that your family is able to contribute toward college. If you don’t know your EFC you may make some of those common financial aid mistakes.
EFC is based on a Needs Analysis Formula:
Cost of attendance - EFC = Financial Need
Your EFC (Expected Family Contribution) can be lowered if you understand this formula and know how to work it. The lower your EFC is, the more aid you can get! So stay tuned. In later posts I’ll get into more detail about the EFC, how it is determined and what that might mean for your family. If you have specific questions, post a comment and I’ll reply.
In the meantime check out the Missing Links seminar to find out more. Or visit www.getcollegefunding.org. You’ll find additional financial aid information and even an EFC calculator.
More on EFC coming soon!
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Add Your CommentQuestion! I finished my FAFSA and it told me that my EFC was like 40975 and I don’t really understand what this really means but it seems really high. All I know is that I’m expecting a lot of federal aid because my parents have a very low yearly income. What does that number mean?