FAFS is the Free Application for Federal Student Aid. For any parents want to know how to plan for the financial aspect of college admissions, they need to understand how to the FAFSA application and process. The U.S. Department of Education has a new, simplified version of the FAFSA that helps families get a preview of the financial aid for which they might be eligible. Their site also offers advice on how to pay for college.
This is the link:
Students complete the FAFSA after January 1 of their senior year.
Just so you know, College Board offers PROFILE, a financial aid form that is used by many private colleges.
Students can complete this form during the fall of their senior year.
There is also a new report on financial aid commitments from colleges from The Project on Student Debt that I think you might find very useful. As you probably know, when a student applies for financial aid, financial aid offices determine how much it expects the family to contribute towards the total cost of attending their school. This varies from school to school. The net cost reflects how much students and parents must contribute from their income, savings, loans and work. This amount is called Expected Family Contribution (EFC). If the EFC is not enough to cover college costs, many colleges will offer some combination of grants, work and loans to help bright the gap. This gap is what is known as financial need.
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