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Most Families Pay More than the Expected Family Contribution

Despite the name, most families will pay more than the expected family contribution (EFC). The actual family contribution is greater because of unmet need and the inclusion of student loans in the financial aid package. Most colleges do not meet full demonstrated financial need, leaving the student with a gap of unmet need. Unmet need is the difference between financial need and financial aid.

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What is Financial Need?

Financial need is the difference between cost and ability to pay. Demonstrated financial need formalizes this concept as the difference between a college’s cost of attendance (COA) and the student’s expected family contribution (EFC).

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14 Things That Could Happen if You Don’t Pay Your Student Loans

Making student loan payments on top of a pile of other bills is difficult for many people. As a result, more than one million student loan borrowers go into default every year. Furthermore, a study by the Federal Reserve found nearly one in five student loan recipients were at least 90 days behind on payments. Here are 14 specific consequences that can stem from failing to pay student loans.

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5 signs it might be time to refinance your student loans

Student loan refinancing could save some borrowers thousands of dollars over the life of their loans. Learn about 5 times when it might make sense for you.

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When it comes to 529 plans, parents just don't understand

A study from Fidelity shows more parents are saving for college than ever before, but they are still confused about how 529 savings plans work. By missing out on these key benefits, including federal (and sometimes state) tax savings, and favorable financial aid treatment, they could be leaving money on the table.

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