Paying for college generally involves using savings and current income to pay for college bills and education loans. This report helps estimate how much college Year One may cost and the resources available.
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The chart
above shows: COA minus Resources Available equals Parent Loans
needed. If resources available are large enough to meet COA, no parent loan
amount will be displayed. You may adjust resources to test the results of
changes. What a family ends up paying may not be exactly the same as EFC. It
may be more or less, depending on the amount of aid awarded.
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Federal aid formulas use information from the FAFSA form. Depending on aid eligibility calculated, a Federal Pell Grant and a Federal subsidized Stafford student loan may be included in a financial aid package. During college attendance, the government pays the interest on subsidized Stafford loans ($3,500 for the first year, $4,500 second year, $5,500 third year and beyond). Students who don’t qualify for aid in the form of a subsidized Stafford may borrow an unsubsidized Stafford.
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This report shows the estimated Cost of Attendance and payment resources for Year One. For full cost, multiply by the number of years the student will attend. Parents of dependent students may borrow PLUS loans to pay the difference between the Cost of Attendance and financial aid awarded. Keep in mind that your college’s financial aid administrator has the final say on the exact amount of your EFC. Inform your aid administrator of any special circumstances, such as changes in income.
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