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How is my financial aid calculated? Once you complete your FAFSA, your financial aid award amount is calculated using a few metrics:. Expected family contribution (EFC): This is how much your ...
In the college financial aid process in the United States, a student's "need" is a figure that colleges use when calculating how much financial aid to offer a student. It is determined by taking the college's Cost of Attendance, which current rules require each college to specify. Then it is subtracted the student's Expected Family Contribution ...
The cost of one year at an in-state, four-year college keeps rising each year — surpassing $20,000 during the 2016-2017 school year.
In cases in which a student qualifies for merit-based (rather than need-based) financial aid, the student and their family may pay less than the EFC. A well-to-do family's EFC may exceed the cost of attendance at a school, and in that case the student does not have financial need, as defined by the federal financial aid system.
Students can file an appeal with their college financial aid office in order to seek additional financial aid if their current financial situation is no longer the same as the financial information they provided on FAFSA (i.e. their parent recently lost their job). The exact appeal process can vary from school to school.
In order to remain eligible for financial aid, you need to resubmit the Free Application for Federal Student Aid (FAFSA) for every year you’re enrolled in school. However, it’s not necessary ...
Each year Federal Student Aid's staff processes approximately 22 million FAFSAs. Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act of 1965 and the U.S. Department of Education and managing the outstanding federal student loan portfolio.
The U.S. Department of Education started a “soft launch” of the new and simplified Free Application for Federal Student Aid form — often referred to as the FAFSA — last weekend.. It ...
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