To start, we'll look at the most important factor related to college financial aid: financial need. Suffice it to say that your conception of your own financial need may have little to do with what a college or university regards as your financial need. And therein lies the confusion, misunderstanding, and frustration experienced by many students and parents: you wonder how the college came up with that!
To understand how colleges will view your financial need, we'll address the following six topics:
1. FAFSA (Free Application for Federal Student Aid)
2. SAR (Student Aid Report)
3. EFC (Expected Family Contribution)
4. Financial-Aid Package (put together by the college)
5. Gift- or Merit-Aid (Discounts, Grants, and Scholarships)
6. Self-Help (Loans and Work-Study).
Have a good flight!
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