Your financial need is what is left after subtracting the expected family contribution from the official cost of attendance.
By HELEN HUNTLEY
Published August 17, 2003
The expected family contribution, or EFC in financial aid lingo, is based on the student's and the parents' income and assets, the size of the family, the older parent's age and the number of children in college.
You can estimate EFC by going to FinAid (www.finaid.com) and clicking on "calculators." There is a "quick EFC approximation" that provides a ballpark estimate and a more detailed "financial aid estimation" that can be based on either the standard federal aid formula or the institutional methodology that some private colleges use.
For the more detailed calculation, get out your most recent tax return along with statements for your bank and investment accounts. The calculators make it easy to run "what if" scenarios. You can see what happens to the EFC when you increase or decrease income or assets.
The formula is not the last word on the subject. A college's financial aid officials may reduce EFC based on special circumstances such as job loss or unusually high medical bills. Private colleges in particular may be quite flexible.
The other half of the financial aid equation is the official cost. This number can be found on the college's Web site or by calling the financial aid office. Look for "cost of attendance" or "estimated student budget." Make sure it includes an allocation for personal expenses and transportation as well as the usual tuition, room and board.
Here are a few examples of the annual costs Florida colleges quote for the 2003-04 school year:
St. Petersburg College: $7,078 (living with parents) or $10,237
University of South Florida: $13,550
University of Tampa: $25,607
University of Miami: $37,796
A Bright Futures scholarship or a Florida Prepaid College Plan will reduce your need dollar for dollar. If your EFC covers the official cost, you are not eligible for any need-based financial aid.
The true cost of attendance may be considerably more than the official cost, depending on the lifestyle your student leads. For example, the University of Miami allots $1,250 for transportation. That's more than gas money, but it may not be enough to maintain, operate and insure a car in Miami, where the campus parking permit alone will set you back $298 a year.
