Getting the Results
These online tools aren’t going to flash a green light if you can expect financial aid or a red light if you probably won’t. It’s a bit more involved than that. The software generates an Expected Family Contribution (EFC), which is presented as a dollar figure. This EFC is also what you will receive when the dry runs are over, and you complete the FAFSA and possibly the PROFILE.
The EFC represents what your family can afford to spend in one year on your child’s college education. This dollar figure is generated after examining the parents’ and the child’s income and assets. It does not consider unsecured consumer debt, so it can be a fairly harsh assessment of a family’s ability to pay.
Whether you will pocket any aid hinges ...
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