of determining your financial need is to determine the cost of attendance. The financial aid administrator at each college develops an average cost of attendance for different categories of students. This will include tuition & fees, room & board, books, transportation and You have a child who is approaching college age and now you have to face what you’ve been trying to avoid for years: how to pay for that college education! Most parents remember when college tuition, room and board could be had for under $5,000 per year. Now, the price of many private institutions hovers at (or above) $30,000 per year. Multiply that times four years and we’re talking about a home mortgage rather than an education! Before you are tempted to send your son or daughter straight to the work world, there are some basics of financing a college education that you need to understand.

According to the Higher Education Act of 1965, which is the law that governs student aid, it is the parents responsibility to educate their children beyond the 12th grade. Most importantly, the law also states that if a family can demonstrate need, then the government will assist in paying for such an education. How is need determined? The basic formula is simple:

Cost of Attendance - Family Contribution = Financial Need

Cost of Attendance - The first component of determining your financial need is to determine the cost of attendance. The financial aid administrator at each college develops an average cost of attendance for different categories of students. This will include tuition & fees, room & board, books, transportation and m

ny private institutions hovers at (or above) $30,000 per year. Multiply that times four years and we’re talking about a home mortgage rather than an education! Before you are tempted to send your son or daughter straight to the work world, there are some basics of financing a college education that you need to understand.

According to the Higher Education Act of 1965, which is the law that governs student aid, it is the parents responsibility to educate their children beyond the 12th grade. Most importantly, the law also states that if a family can demonstrate need, then the government will assist in paying for such an education. How is need determined? The basic formula is simple:

Cost of Attendance - Family Contribution = Financial Need

Cost of Attendance - The first component of determining your financial need is to determine the cost of attendance. The financial aid administrator at each college develops an average cost of attendance for different categories of students. This will include tuition & fees, room & board, books, transportation and

a college education that you need to understand.

According to the Higher Education Act of 1965, which is the law that governs student aid, it is the parents responsibility to educate their children beyond the 12th grade. Most importantly, the law also states that if a family can demonstrate need, then the government will assist in paying for such an education. How is need determined? The basic formula is simple:

Cost of Attendance - Family Contribution = Financial Need

Cost of Attendance - The first component of determining your financial need is to determine the cost of attendance. The financial aid administrator at each college develops an average cost of attendance for different categories of students. This will include tuition & fees, room & board, books, transportation and

amily can demonstrate need, then the government will assist in paying for such an education. How is need determined? The basic formula is simple:

Cost of Attendance - Family Contribution = Financial Need

Cost of Attendance - The first component of determining your financial need is to determine the cost of attendance. The financial aid administrator at each college develops an average cost of attendance for different categories of students. This will include tuition & fees, room & board, books, transportation and

of determining your financial need is to determine the cost of attendance. The financial aid administrator at each college develops an average cost of attendance for different categories of students. This will include tuition & fees, room & board, books, transportation and miscellaneous expenses. Bear in mind, this cost can vary somewhat for students in different situations. For example, the New Jersey student attending college in California will obviously have higher transportation expenses than the California student attending the same college.

Family Contribution - The next part of the formula is the Expected Family Contribution, or EFC. It is determined by the need analysis methodology as prescribed by federal law. The EFC is the amount you will be expected to contribute towards your student’s educational expenses during the academic year. It must be recalculated every year. The Free Application for Federal Student Aid (FAFSA) is the method used by most colleges for gathering the personal and financial information necessary to calculate your EFC. This method takes into account your income and liquid assets which, theoretically, could all be available to pay for college. One point to be aware of is that your family’s EFC does not vary with the number of students in school at one time. There was a time where I thought it was a good thi