How financial aid works

mazewanderer
Tue, 07 Sep 2010 21:26:01 +0000

But I will still be applying for financial aid even if I have low hopes for getting any. Thank though!



Financial need is people with low incomes, for example $30,000 a year. Some private colleges phase out the aid at $60,000. When you provide your financial details, there are formulas that will calculate the EFC or Expected family contribution. If the EFC is greater than the cost of that college for the next year, then most (if not all) colleges will not give you need based aid. As Thumper1 and sk8rmom and others have said, want and need are different. Government aid comes from taxpayers and taxpayers are already stretched. Similarly many privates have less money then before and hence have cut aid.