<p>What does this truly mean - that my parents don't have to contribute a penny for my college education, or is it simply predicted, depending on the colleges?</p>
<p>It means that you need to look long and hard to find a college that you really can afford. Most of the colleges that have need blind admissions and also guarantee to meet 100% of students' documented financial need are some of the most difficult places to gain admission to in the country, colleges like Harvard, Princeton, Yale.</p>
<p>Most other colleges gap admissions big time, which means that they may offer you $20,000 a year less than what you really need. They also may meet your need by offering you $20,000 a year in loans.</p>
<p>I strongly suggest that you make sure that you apply to some safeties that you know you'll be admitted to and can afford. Often such safeties are community colleges or public universities within commuting distance of home. Frequently, they offer automatic merit aid to top local students.</p>
<p>chochocho</p>
<p>Let's say you apply and are accepted at University of Redlands. Cost of attendance is $37,564 for tuition, room/board, books. Your EFC is $0 and according to US News and World report, percentage of need met at Redlands is 92%, so Redlands will help you meet $34,559. </p>
<p>Let's say they give 80% grants and 20% loans (I am just guessing on this part). so you will receive $27, 647 in scholarship money from Redlands which you won't have to pay back, and the rest of the package will be loans which you will need to pay back (or work study). </p>
<p>So in this example, you will be responsible for $9,917 per year ($37,564 - $27,647), even if your EFC is $0.</p>
<p>This is just a hypothetical example, but it is eye opening to run the numbers and see.</p>
<p>You really do need to have one or two colleges on your list that you know you'll get in and that you can afford.</p>