Financial Aid Clarifications

There is a lot of information (and misinformation) regarding financial aid. The following information is being provided to assist with any confusion.

How will I get financial aid information (FAFSA) to my colleges?

When completing the FAFSA, you can list up to 10 schools that you are applying to, along with a housing plan for each. If you’re applying to more than 10 schools, you can add the additional schools later (after your initial applications have been accepted by the colleges). Information from the FAFSA will be sent to the 10 colleges you list, so that each can determine how much aid to award your family. If a university has multiple campuses, each campus should be listed separately. You can find the college/university’s code using the FAFSA Federal School Code Search.

How do I find out my Estimated Family Contribution (EFC) is?

FAFSA will send you a report, called a Student Aid Report (SAR) by email. The SAR lists the information you reported on your FAFSA. Your EFC number is on this report.

Is there a way I can find an estimate of how much I might need to pay for college?

Yes! The federal government requires all colleges to have a Net Price Calculator on their website. The calculator is meant to provide a reliable estimate of how much it will cost to attend a particular college, based on a family’s financial circumstances. Instead of looking at college prices at the last minute after you’ve been accepted to a school, you can start comparison-shopping early during your college search. A comprehensive list of college Net Price Calculators can be found here. Additionally, families can use the Financial Aid Estimator, which provides an estimate of what federal student aid a student may be eligible to receive.

In-state public schools are the most affordable option, right?

Do not be fooled by the “in-state schools are less expensive” stereotype. This is not always true. Private schools charge the same amount for tuition for both in-state and out-of-state students. Private colleges’ scholarships, however, can even the playing field when it comes to cost. Also, merit-based scholarships for out-of-state public institutions may make those schools less expensive than in-state schools.

Can I ask a school for more money?

When appealing a financial aid award, it is best for the family to deal directly with the college. Parents/students should contact the college if there has been a change in family circumstances since the student’s financial aid application was submitted, or if there is information that was not reported on the original application. Families may want to provide information that was not asked for on the financial aid forms, or explain why the EFC is not reasonable. Students & parents should understand the college’s appeal process policies before contacting the financial aid office for such requests.