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Expert Advice

"Not all financial aid is created equal. In comparing your aid awards, keep your eye on the percent of the award that is gift aid and the percent of aid that is loans or work-study."
Lynn Nichelson, Director of Financial Aid, Illinois Wesleyan University

Why Your EFC Isn't Set in Stone

What You're Asked to Pay May Vary

Families often assume that the amount of the Expected Family Contribution (EFC) will be the exact amount they'll be asked to contribute to their child's college costs. But this isn't always the case.

The actual amount your family is expected to contribute may vary for a number of reasons, including:

  • A college's admission and aid policies
  • The amount of aid available at a particular college
  • Special financial circumstances

Aid Policies Differ

Different colleges have different ways of assessing need and awarding aid. It's a good idea for you and your child to ask plenty of questions about how aid is awarded at the colleges your child is considering.

There's Not Always Enough Money to Meet Full Need

Not every college has enough financial aid to meet the calculated financial need of every applicant. Some colleges may only meet the full need of the most academically qualified students. Other colleges may not be able to meet the full need of any applicant. As a result, the family may be asked to pay more than the EFC.

Handling the Financial Aid Gap

If a college's total cost for an academic year is $20,000, and the calculated EFC is $5,000, the student's financial need would be $15,000. If the college had only enough aid funds to offer the student $10,000, the gap would be $5,000. The family might handle this gap in a number of ways:

  • The parents might pay more than the calculated EFC.
  • The student might earn more through a part-time job.
  • The student might find ways to reduce costs by living at home, buying used books, or choosing a less expensive meal plan.
  • The student and/or parents might borrow to help pay the costs.

Special Financial Circumstances

If you believe that your family has special financial circumstances that will affect your ability to pay and aren't reflected in your EFC, contact the financial aid office.

Examples of such circumstances include unusual medical expenses, unemployment, or other situations that affect how much money your family will have available to pay for college.