Expected Family Contribution to pay for college

Colleges expect students and their families to contribute in paying for college costs to the extent that they are able. The dollar amount varies by college and can be calculated specifically for each school that your student is considering.

Last week, U.S. News & World Report published an article, "Teens’ College Savings May Not Affect Financial Aid," reporting that parents’ income typically affects expected family contribution (EFC) more than parents’ savings and student earnings and savings. Most students don’t earn or save enough to increase EFC and financial aid forms typically calculate 50% of student income toward EFC due to federal guidelines, which sheltered $6,420 in 2017-18 from being counted.

The article advises calculating your EFC early, while your student is in high school, to save the best way for college, in ways that can avoid penalties and higher EFC.

To learn how to effectively pay and save for college and lower your EFC, attend our FREE workshop in your area. We will provide an estimate of your EFC at your free consultation, after attending our workshop. Please with any questions.