Finding an affordable college

The college selection process has become more complicated over the years due to the rising cost. Significant planning should be done before students apply if your goal is to an affordable institution. By estimating Expected Family Contribution (EFC) and net cost of college before your child applies, you can eliminate those schools that will put your student’s future in financial jeopardy.

Need-based or Merit Aid?

The vast majority of aid falls into the need-based and merit categories. Since need-based awards (on average) are larger than merit awards, the first step should be to see if they qualify for need-based aid, and that means calculating Expected Family Contribution (EFC).

Step 1: Calculate EFC

Calculating and minimizing EFC for both FAFSA and CSS Profile is a critical first step in the effort to save on the cost of college. My favorite calculator is the College Board’s calculator, because it calculates EFC under both methodologies.

Step 2: Compare EFC to COAs

Compare the EFC it to the Cost of Attendance (COA, which is tuition + room and board + books and fees + travel). You can find the COA and other data on Collegedata.com. You can utilize the College Match search engine there to filter schools by over 15 different criteria, including geography, major, four-year graduation rate and financial aid criteria.

Author: Robert J Falcon, CFP®, CPA/PFS, is the founder of College Funding Solutions LLC, and the founder of Falcon Wealth Managers LLC, both in Concordville, Pa.

Read the complete article at: https://onefpablog.org/2019/02/07/buying-college-in-the-21st-century-clients-should-search-for-colleges-they-can-afford/?utm_source=informz&utm_medium=email&utm_campaign=membership&utm_content=date_description