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Who Should Follow This Page? |
How to Calculate
the Cost of College
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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