If my EFC is around $25,000 and I go to a $80,000 school vs $40,000 one would I pay the same amount of money? thanks!
EFC= Estimated Family Contribution. It means at the minimum, you and your family would have to pay at least $25K towards college, but most colleges do not meet need so they will gap you. The FASFA determines your EFC so see if you are eligible for Federal aid. With an EFC of $25K, you are not eligible for Federal aid.
Since most colleges to not meet need, it is likely you would be paying more than $25K/year to attend. Each school has their own FA calculation so what you need to do is use the Net Price Calculator (NPC) found on each schools website to see what kind of FA you may get.
And if a school uses the CSS/Profile, there is a second EFC calculated. If your family owns a home that EFC will likely be higher. So, even at a “meets full need” school, you can be expected to pay more than the federal EFC.
And to add further wrinkles, if a school gives merit aid and you meet the standard, your price could also be less than your EFC.
As a point of clarification, a FAFSA EFC of $25k could very likely result in direct subsidized loans and work study, which (in my opinion) should be considered federal aid.
@BelknapPoint @AroundHere @Gumbymom Thank you guys this is very helpful!
Ok…I’ll bite. What college costs $80,000 a year?
Harvey Mudd is 75,000 COA, on campus, not including transportation. They’re usually near the top of the expensive college lists. If coming from an expensive airport and taking two round trips for summer and Christmas, it would round to 80K,
@thumper1 none that I’m planning to attend, It was just a hypothetical question