If you have teen-age children, you likely have heard (or will hear) the phrase expected family contribution. When you hear it, pay attention – it is important. The phrase should even strike a little fear into you just like the term “federal tax return” does. Basically, expected family contribution is the sum of money the government (and colleges) thinks your family can pay to have your kid(s) attend college.
The way it works is that you submit a considerable amount of family financial data on a form called the FAFSA (Free Application for Federal Student Aid). A government computer crunches the numbers and spits out the dollar amount they think you should pay for college. Fair enough.
But as with taxes, what you don’t know can hurt you. Just as the astute taxpayer arranges his affairs so that taxes shall be as low as possible, the astute college aid applicant should arrange his affairs so that the expected family contribution is as low as possible. This website endeavors to show you how to do this.
Loading ...