The U.S. financial aid system is based on the belief that anyone should be able to attend college, regardless of financial circumstances. To achieve that goal, the following guidelines are applied:
- Students and their families are expected to contribute to the cost of college to the extent that they're able.
- If a family is unable to contribute the entire cost, financial aid is available to make up the difference and may come in the form of scholarships, grants, loans and work-study programs.
The amount your family is able to contribute is generally referred to as the Expected Family Contribution, or EFC. The federal government and financial aid offices of colleges use formulas and the information provided on the FAFSA form to analyze your family's financial circumstances (income, assets, and family size) in order to measure a particular family's ability to pay against other families' ability to pay. The EFC figure that is assigned is then used as a guide by the college to determine elibility for other for a number of federal, state, local, and institutional aid programs. The lower the EFC, the less money a family has to contribute your education.
The EFC figure takes into account your families’ ability to meet their contribution through a combination of savings, current income, and borrowing. It is up to you and your family to determine where and how to fund the difference. Take a look at paying for college for ideas on how you can help.
Over half of the students currently enrolled in college receive some sort of financial aid to help pay college costs. At King's, over 90% of full-time stduents receive some sort of financial aid. Shouldn’t you be among them by taking advantage of what may be offered to you by applying?