REAl CHANCES?

Paying for College
1

<p>What are the actual chances that those who need financial aid get a suffecient chunk of their college cost? I know I am going to need financial aid and I would like to know on average of those who need it who gets it and how much do the get?</p>

2

<p>You need to be more specific. It depends on the school and the student. If you are a top student looking at a top school then the chances are very good. If you are average looking at a state U then the amount may be a lot less with a big chunk of loans…</p>

3

<p>The very top schools --places like Harvard, Stanford, etc. guarantee to meet 100% of the documented financial need of students whom they accept. “Documented financial need” means what the school thinks you need, not what your family is willing to pay.</p>

<p>Most other schools lack the endowments to be able to be so generous. Virtually all public schools provide need-based financial aid only to their in-state residents, and also can’t afford to meet 100% of those students’ need. Students at the top of the admission pool and students who apply early may get the best financial aid.</p>

<p>Private schools vary based on their endowments.
Check the financial aid web pages of schools that interest you.</p>

4

<p>It really depends on what your ‘need’ is. Your need is not what you think you need but is based on set formulas that calculate your EFC (Estimated Family Contribution) through FAFSA for federal aid and CSS/profile for most private schools. </p>

<p>FAFSA puts your financial information (parental income and assets and student income and assets) through a formula that comes up with a number called the EFC . For FAFSA schools the difference between the EFC and the Cost of Attendance (COA) is the figure on which your financial aid is based. The aid may consist of federal grants (if your family income is very low),institutional grants if the school offers any, loans, work study and possible a ‘gap’ (i.e. - unmet need) depending on the school and if they promise to meet full need.</p>

<p>Run your financial information through an EFC calculator - finaid.com has a very accurate one for FAFSA at <a href=“http://www.finaid.org/calculators/finaidestimate.phtml[/url]”>http://www.finaid.org/calculators/finaidestimate.phtml&lt;/a&gt;
though a new bill is awaiting the Presidents signature which will change it somewhat for the next school year. This will give you an idea of where you stand for federal aid.</p>