COA - EFC = Demonstrated Need

  • Cost of Attendance (COA) - all colleges are required to calculate their estimated cost of attendance and have the information readily available. You can generally find it on an institution's Financial Aid page, or on sites such as Naviance, Big Future, or College Data. 
  • Expected Family Contribution (EFC) - is an amount officially determined by filling out the FAFSA (Free Application for Federal Student Aid) and possibly the CSS Profile. However, there are calculators that will closely estimate your EFC, such as Big Future. Refer to the FAFSA and CSS Profile page for more information. 
  • Demonstrated Need - often, demonstrated need will be met in a Financial Aid package from the college, which may include: Scholarships and Grants, Work-Study, and Loans.

Unfortunately, not all schools are able to meet 100% of a student's "Demonstrated Need." This may be an important factor when choosing which schools to apply to. You can learn whether a certain school will meet a student's "Demonstrated Need" by looking at its profile on sites such as Big Future or College Data. 

Be aware of what you are buying!

When considering a college education, it is important to realize that this purchase is both an investment and a consumption decision.
  • Investment - your education is an investment in your "human capital" (your skills, knowledge, and credentials) and this, often at times, is a sound investment.
  • Consumption - paying for the experience of being on a beautiful campus for 4 years is a consumption choice. Using your financial resources to learn about something that will not necessarily provide income is a consumption choice.
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Consider your future financial situation ahead of time. Especially when taking on loans to pay for college, the future financial burden is worth considering ahead of time. 

Contrast and compare - financial aid packages side by side

You will receive a financial aid package from each college/university to which you have submitted a FAFSA and CSS profile, if applicable.  Because different schools have different resources, these can vary widely.  It may be helpful in your final decision-making to see how the financial aid awards stack up side by side.  Use the PDF file below to compare and contrast your financial aid awards for a clear picture of how the packages differ and what that will mean to your bottom line.  Be sure to use the glossary to help you determine the correct information to use on the worksheet.
financial_aid_award_comparison_worksheet.pdf
File Size: 252 kb
File Type: pdf
Download File

Ideas for making it work

  • Some very strong, but less known colleges may off big merit scholarships which can offset a higher sticker price.
  • Consider... Honors Programs at some State Universities offer high-quality, small classroom experience less expensively than elite private colleges. 
  • Earn $$$. Co-op programs allow you to alternate semesters at universities and working in a paid, relevant internship. 

Additional Resources

Helpful Links