When your expected family contribution is too high to be affordable for your family, you have several options. We will address this both for high school Seniors with actual award letters in hand and also for younger students where Net Price Calculators are indicating an expected family contribution amount you know you can\u2019t afford.<\/a><\/span><\/p>\n Let\u2019s start by discussing when your high school senior receives financial aid award letters from colleges that have admitted them and the expected family contribution listed is not going to work for your family.<\/span><\/p>\n Compare Private Student Loans: Loans will vary based on your school<\/a><\/p>\n Hopefully you have started running <\/span>Net Price Calculators<\/span><\/a> on college websites. These will tell you what to expect your expected family contribution to be at each school. It\u2019s usually a fairly good estimation.<\/span><\/p>\n If you haven\u2019t done that yet, sign up for <\/span>MyCAP<\/span><\/a> for free to run an instant net price calculator and find out what your expected family contribution will be. Keep in mind that there are actually 3 different types of methodologies used to determine a family’s Expected Contribution. Depending on the college and what methodology they subscribe to will determine what is applicable for your family. This is one of the main reasons why a family’s EFC can be different on a school by school basis.\u00a0<\/span><\/p>\n Learn more about the 3 different types of EFC methodologies: The 3 Different Types of Expected Family Contribution Explained<\/a><\/p>\n In general, you should focus on the following options when you have a very high expected family contribution:<\/span><\/p>\n Additionally, you may be able to lower your family\u2019s expected family contribution through some smart money moves to <\/span>reduce your adjusted gross income<\/span><\/a>. Consult with a financial adviser to determine if any of these are right for you.<\/span><\/p>\n Learn more about Merit Scholarships: Can My Kid Get a Full-Ride Scholarship?<\/a><\/p>\n As described above, there are definitely options to lower the total cost of college. Your student may have to make some sacrifices as to the type of college they attend, but graduating with little to no debt will make this a worthwhile sacrifice. Use net price calculators to estimate your expected family contribution early in the college search process and focus on the schools with the lowest out-of-pocket estimates.<\/span><\/p>\n Our mission at College Aid Pro is to end the student loan crisis. Use MyCAP to easily find the most affordable schools for your student\u2019s qualifications and your family\u2019s financial situation. You can register for free <\/span>here<\/span><\/a> to start searching!<\/span><\/p>\nOptions When You Can\u2019t Afford Your Expected Family Contribution for the Schools Your Student Was Admitted To<\/strong><\/h2>\n
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Options When Your Student is Still in the College Search Process<\/strong><\/h2>\n
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