5FOR PARENTS: YOU, YOUR CHILDREN, AND YOUR MONEY

The goal of this chapter is to help you and your spouse (if you have one) figure out how to predict and meet your EFC, or expected family contribution. The expected family contribution is a number, in actual dollars, that is calculated by the FAFSA, or Free Application for Federal Student Aid. The FAFSA is used by all colleges and universities to determine your child’s financial aid award. You and your child will need to fill out the FAFSA if you want to receive any need-based financial aid from your child’s college of choice. The FAFSA can be submitted as early as January 1st of the enrollment year. For example, if your child is planning on attending college in the fall of 2014, you may submit ...

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