Need Based Aid

Financial Aid Based on Need

Many students receive need based financial aid. Completion of a Free Application for Federal Student Aid (FAFSA) in January of your senior year is essential in this process. You should, however, complete a financial estimator form to determine before you get your FAFSA results just how much college will cost you. See how one family will pay for college on the Need Comparison Chart. NOTE: any of these four college will cost this family ONLY what their Expected Family Contribution (EFC) of $6,000. See how.

Be careful when trying to access the FAFSA page: Free Application for Federal Student Aid (FAFSA). There are many scams on the internet with the wrong URL.

EFC – Expected Family Contribution 
This is an important index in determining how much college will cost your family. The following documents explain the EFC and provide a worksheet that you can use NOW! This document requires Adobe Acrobat Reader.

EFC Worksheets for college year 2011-2012.

Complete a financial aid estimator at one of these sites:
FAFSA 4Caster 
The College Board Online
Financial Aid Information Page
College Answer


Learn about how financial aid packages work as well as student load debt.
Project on Student Debt
College Answer
Debt to Income Calculator


At, there are many calculators to help you plan your expenses, loans, insurance, and any other college cost. Here are the menu items on their page of calculators:
* College Cost Projector
* Tuition Model. Explains why tuition increases faster than inflation.
* Savings Plan Designer (Flat Contribution)
* Savings Plan Designer (Percent of Income Contribution)
* Savings Growth Projector
* Annual Yield
* Compound Interest
* Savings Plan Yield
* Prepaid Tuition and 529 College Savings Plan Calculator
* Savings vs Borrowing Calculator
Integrated Saving/Borrowing
* Level Payment Calculator (Amount)
* Level Payment Calculator (Percent of Income)
* Inverted Level Payment Calculator (Amount)
* Inverted Level Payment Calculator (Percent of Income)
Trust Funds
* Net Present Value Calculator
Needs Analysis
* Expected Family Contribution (EFC) and Financial Aid or
Streamlined EFC Calculator
* Dependency Status Form
* Quick EFC Approximation Calculator (not EFC)
* Quick EFC Approximation Chart (not EFC)
* Proposal for Simplified EFC (not EFC)
* Federal Housing Index
* Loan Calculator (Standard and Extended Repayment)
* Loan Payment Chart Generator (Rates vs Fees)
* Loan Payment Chart Generator (Balance vs Rates)
* Income Contingent Repayment Loan Payment Calculator
* Income Sensitive Repayment Loan Payment Calculator
* Income-Based Repayment Loan Payment Calculator
* Graduated Repayment Loan Payment Calculator
* Loan Consolidation Calculator
* How Much to Borrow Calculator
* Student Loan Advisor – Undergraduate Students
* Student Loan Advisor – Master’s Students
* Student Loan Advisor – Doctoral Students
* Parent Loan Advisor
* Stafford vs. PLUS Comparison Chart
* No-Fee Equivalent Interest Rate
* No-Fee Equivalent Interest Rate Chart
* Loan Comparison
* Cost of Interest Capitalization
* Loan Interest Rate Inverter
* Loan Term Inverter
* Loan Discount Analyzer
The Loan Discount Analyzer combines, enhances and replaces the Loan Analyzer and the Loan Discounts.
* Upfront Fee Equivalent Interest Rate
* Economic Hardship Deferment Calculator
* Prepayment Calculator
Loan Default
* Loan Default Calculator
* Collection Cost Impact Chart
Peer-to-Peer Loans
* Peer-to-Peer Lender Calculator
* Student Budget Calculator
* Family Budget Analyzer
Award Letter Comparison
* Award Letter Comparison Tool (Simple)
* Award Letter Comparison Tool (Advanced)
* Life Insurance Needs