<p>So my parents and I have looked at our FAFSA EFC, and it it looks like we're going to have to turn to student loans, other means of financial aid, etc. to pay for it. I have been accepted to two schools, one local university and one pricey private school, but they have not sent me any financial aid information. I just wanted to know, is that EFC roughly what you will pay in ANY college? Does your real contribution usually end up more or less? Is there a way of telling?</p>
<p>You will likely be paying at least you EFC. That is the amount that your family is expected to contributed based on the formulas used. However, some schools do not meet full need. If you are attending a school that does not meet full need, your college expenses could well be higher than your EFC. This is called "gapping" and many schools do this. In other words, the cost of attendance minus your EFC might not be met with a financial aid package from the college. Also, without knowing the schools...it is hard to say how much of any financial aid package will be "free money" (grants, scholarships), and how much will need to be paid back at some point (loans). Also, work study can be included in your package as well. In any event, unless you get a merit aid award that is very substantial (many colleges have at least one kind of scholarship that awards a high amount of aid based on your application criteria), you will be paying at least your EFC.</p>
<p>Ah, thanks to the both of you. All of my colleges have received my FAFSA, so now I'm just waiting for some information. WHen usually do the colleges send financial aid packages to the applicants?</p>
<p>Colleges send their aid packages at different times. Dates even differ for students within the same school. You can probably find it in the finaid section of the school's website. Example: Notre Dame sends Early Action in late March, Regular Action in early April, and returning students on May 1.</p>
<p>About the EFC - for us, the schools' financial aid packages have ALL shown lower EFCs than FAFSA gave us. That's for 2 kids, 2 schools over the last 3 years. Both schools require the CSS Profile, though, and I suspect that's what made the EFCs go down.</p>