Financial Aid for College

Financial aid assists families in paying for college. The primary obligation of paying for college costs rests with the family. Generally, financial aid depends on your financial need. Families with similar circumstances are expected to contribute similar amounts. Financial aid distributes limited resources in an equitable manner.

Financial aid is based on the amount a family is expected to pay for college, called the Expected Family Contribution (EFC). This amount is based on the family’s income and assets, the number of children in college, and family size. Basically, if you subtract your Expected Family Contribution (EFC) from the costs of going to college, called the Costs of Attendance (COA), which includes tuition, fees, room and board, travel expenses, books, supplies, and personal expenses, you will end up with your Financial Aid Eligibility.

Cost of attendance (COA) - Expected Family Contribution (EFC) = Financial Aid Eligibility

Cost of attendance (COA) - Expected Family Contribution (EFC) = Financial Aid Eligibility

Not all colleges will meet your family’s financial aid eligibility, but many will. It is not uncommon for students to pay less for a private school than they would have to pay at a public school with in-state tuition because private colleges often have more money available for financial aid.

It is important that you check with each school to which you are applying to determine its financial aid deadlines and requirements. The deadline for California public schools is March 2, but the deadline for private schools could be earlier.