<p>Bigp, need is a calculated amount. COA - EFC = need. If EFC > COA, there is no need and therefore no need based aid. Here’s a link to a list of schools that meet need without loans:
<a href=“http://projectonstudentdebt.org/pc_institution.php[/url]”>http://projectonstudentdebt.org/pc_institution.php</a></p>
<p>Steve, almost every family is stressed over their EFC and the price of colleges, once they get into “college mode”. It’s good that you’re thinking about this now, instead of enduring the heartbreak of a senior with few choices other than to sink the family financially.</p>
<p>The best and kindest thing that you can do for your kids right now is to decide how much you can realistically afford to contribute to their college education, total and annually, barring unforseen events. Make it known to them now, before “dream school” mentality sets in. I would also invest in the book “Paying for College Without Going Broke” which is updated annually. </p>
<p>Kids do have many options in coming up with their “share” including loans, part time jobs, merit aid at other great colleges, outside scholarships, even forgoing an expensive hobby/activity now and having you put that money away for them instead, as my D did. I think it’s a very good idea for kids to have some “skin in the game” and a goal to work toward and if you introduce the idea of contributing to their own education now it will give them some time to look for such opportunities. </p>
<p>Also, encourage them to explore and apply to a variety of schools. When it’s time to make the final decision, most kids who take this route will choose the school that best meets their needs academically, socially, and financially.</p>
<p>If you haven’t already, you might start cutting back on the “extras” in your budget now which will ease the transition when tuition payments start. It’s surprising how much they add up to and, if you make it a family project, how creative and unifying it can be!</p>