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How to Calculate the Cost of College

Calculate your Expected Family Contribution (EFC)

Discuss the Costs of College With Your Parents.

Discuss costs of college with your parents to get an idea of what your family can afford.  A good starting point for discussion is the evaluation of your Expected Family Contribution (EFC).  Your EFC the amount of money you and your family are expected to contribute toward the cost of college as calculated by the U.S. Department of Education.  Your EFC is used by the U.S. Department of Education and State Departments of Education to determine your eligibility for government financial aid and by colleges and universities to determine your eligibility for institutional financial aid (from the schools themselves).

Even if your EFC appears to be higher than your family can afford, keep in mind that your dream school may offer you very significant scholarship and grant awards.  The scholarships and grants may be so large that your dream school may end up costing you less than a public State school that gives very little financial aid.  Frequently, students’ dream school turns out to be the cheapest college to attend.

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