There are some people who uttered this question; how much financial aid will I get for college? This is definitely a very common question uttered yet there are still a lot of people who have not known the answer yet. In fact, the answer to this question will widely vary from one to another financial aid or scholarship programs. Of course the answers will highly depend on the type of the scholarship, the student’s financial needs and many other factors as well. Do you want to know further about this matter? Read further to find out, then.
How Much Financial Aid Will I Get for College
Estimated Family Contribution
The first factor that will determine the amount of financial aid you will get is the EFC rate. What is EFC? EFC stands for Estimated Family Contribution, an amount of financial contribution your parents or family is able to support the expenses of your study. The EFC will be estimated based on the assets and also income of the student’s family or parents and also your own. There are three categories of EFC that are usually used; the first is an independent student with dependent people, independent students with no dependents, and dependent student. This category will definitely be one determiner of the financial aid you will receive later on.
Income and Assets
Another determiner to the answer of the question how much financial aid will I get for college is your income and assets. In calculating EFC, your financial assets will not be included if your income does not reach fifty thousand dollars per year. According to Getting Ready for College, a student who is categorized either as an independent with no dependents or a dependent have to still contribute about twenty percent of the total assets they haves. They determined this rule since these categories typically already save money for paying their education fee, purposely. In addition, income with or without tax will also be included in the EFC calculation.
FAFSA & PROFILE
If you happen applying for a financial aid program which is based on school-specific need or federal, you have to complete the FAFSA or also called Free Application for Federal Student Aid. Meanwhile, the determiner of our financial need level that is usually used by private institutions out there is called PROFILE. These two applications will also determine how much financial aid you will get for your college study. They said that the sooner you submit them then you will also probably get highest amount of financial aid. If you want a high amount then make sure you do not submit the applications after the deadline because you will probably get the leftover only.
So, how much financial aid will I get for college then? It is said that actually your financial circumstances cannot be accurately reflected by EFC calculation sometimes. There are a lot of alternatives you can do in case you have special situation or condition regarding your inability to pay the tuition fee, even though you have parents with high income. In some cases, even the parents have high income but they refuse to fully support the child’s tuition fee for some reasons. If this is the case then you better do a further consultation with the counselor in your school so you can have higher financial aid despite the high income and assets.
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