Will I be eligible for need-based financial aid?
To figure out your eligibility, you should first determine your
Expected Family Contribution (EFC). The Free Application for Federal Student
Aid (FAFSA) is used to calculate the EFC. You can estimate your EFC by using
the Expected
Family Contribution (EFC) Calculator.
Next, determine how much it
will cost to attend the school or schools you are considering.
Subtract
your EFC from the cost of attendance, and you have the eligibility amount
for need-based funds. To estimate your eligibility online, try the Financial Aid Wizard.
Jim Kolesar is a spokesman
for Williams College, a private liberal arts school in Williamstown, Massachusetts.
He says that it's almost always a good idea for families to fill out the FAFSA, if they think there's
a chance they can qualify for need-based aid.
"Students should definitely
apply because Williams and places like it are dedicated to making their college
education affordable for all students of all income ranges," he says. "It's
sad the degree to which families look at a comprehensive fee and are scared
off to think their son or daughter could never attend there."
Williams
is one of a few colleges that has switched to a no-loan policy, out of concern
that loan burdens were affecting students' educational and career choices.
The need-based packages that the school offers involve grants and work-study
awards.
"Some parents will choose to borrow anyway, but no one will
be expected to borrow any money in their financial package," he says.