Going Merry is a great way to find and apply for outside scholarships efficiently. Sign up for an account here , or read about how it all works. Once you receive your college admissions letters go you! We also recommend that you consider what percentage of your aid package is loans that you have to pay back vs.
Remember that the more expensive college based on listed tuition costs may actually still be more affordable for you , if they offer you a more generous aid package.
We recommend you start early to make sure college is affordable:. Feeling better about financial aid? Sign up for a free Going Merry profile so we can match you with the best outside scholarships. Just answer 7 quick questions. No sign-up required. Back to all posts. Shalon B. Categories: Financial Aid.
Jump to:. What is the EFC? Start thinking about college affordability now. On a similar note Dive even deeper in Student Loans. Explore Student Loans.
Spot your saving opportunities. See your spending breakdown to show your top spending trends and where you can cut back. Select personalised content. Create a personalised content profile.
Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Expected family contribution EFC is the amount of money that a student's family is expected to contribute to college costs for one year.
Financial need is calculated as the difference between the cost of attending school and the expected family contribution. The EFC considers family income, assets, size of current household, and the number of family members currently enrolled in college.
In addition to some changes in the way the SAI is calculated, the change attempts to clarify what this figure actually is—an eligibility index for student aid, not a reflection of what a family can or will pay for postsecondary expenses.
Generally, the lower the EFC, the higher the financial need, and therefore, the greater the eligibility for federally-sponsored financial aid programs such as Pell Grants , Perkins and Stafford Loans , and Federal Work-Study Programs.
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