Overwhelmed (and Underwhelmed) by the College Process

College Search & Selection
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<p>The EFC (Expected Family Contribution) is calculated when you file the FAFSA. In addition to running the FAFSA4caster, you can print out the formula and work through it on paper, <a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/082511EFCFormulaGuide1213.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/082511EFCFormulaGuide1213.pdf&lt;/a&gt; That way you will know which factors in your family’s financial life most affect it.</p>

<p>Your EFC will determine whether or not you are eligible for aid that is determined by the federal government includingPell Grants, Perkins Loans, Subsidized Stafford Loans, Unsubsidized Stafford Loans, and federally supported Work Study. Once you have your EFC, you can look up this information right on the FAFSA website. In some states, state aid is also determined by the FAFSA results. Check the Maryland Higher Ed website for information that could apply to you [url=&lt;a href=“http://www.mdgo4it.mhec.maryland.gov/]MDgo4it[/url”&gt;http://www.mdgo4it.mhec.maryland.gov/]MDgo4it[/url</a>]</p>

<p>Some colleges and universities guarantee that they will meet student financial aid need based on that student’s EFC. Most don’t. Most will expect your family to pay more money than that. Many families cannot easily afford to pay their full EFC. For example, our EFC is four times what we can afford out of pocket each year. We have other family obligations and do not have significant savings. Happykid is spending her first two years at MC so that we will be able to pay for the last two years somewhere else.</p>

<p>Some colleges and universities use the CSS Profile (a product of the College Board) to evaluate student financial need. A few have their own financial aid paperwork (or paperwork in addition to the Profile). Later this month, each institution will have a version of its financial aid formula posted on its website because of a new federal law. That might help you a bit.</p>

<p>But you do need to learn the terms of the trust/savings/whatever it is. Depending how it is set up, it could affect the financial aid packages that the colleges and universities put together for you.</p>

<p>When you have more specific questions about the money issues, you should ask them in the Financial Aid Forum. Several of the people there are Fin Aid officers and will have good advice for you.</p>

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<p>^^ You (your mother, if you are living with her) should have been receiving a monthly Social Security death benefit that will end when you graduate or turn 18, which ever is later. If your step mother does not permit you to see the terms of the Trust, I would seriously consider contacting a lawyer. This seems fishy. </p>

<p>“I’m not even sure if it’s a trust, and I know that I have no access to it until I’m 28.” This is most probably a Trust. Whatever it is, you have a right to see it. If your father created the Trust, it’s probably under his SS#.</p>

<p>When I created a Trust, I also made sure my kids would get bulk of funds when older and it is to be gradually distributed, over a period of years, but they would be able to use funds for educational purposes.</p>