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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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What is the Best Parent Age to Start a 529 Plan?

The earlier you start to save for college, the better. But, what’s the best age to start a 529 plan? The answer will depend on your individual situation, but for most people, the best time to start saving for college is between the ages of 25 and 34.

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Refinancing with a State Education Lender

Some borrowers can lower their interest payments and simplify their finances by refinancing their federal and private student loans with a state education lender. State agencies and state chartered non-profit corporations have a funding advantage that enables them to make loans with lower interest rates than commercial lenders.

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