Financial Aid Calculator

Estimate your financial aid eligibility for college using a comprehensive calculation that includes federal methodology EFC, institutional aid, merit scholarships, and loan eligibility. Get a complete picture of your potential aid package across different college scenarios.

EFC = (Parent Contribution + Student Contribution) / Number in College | Financial Need = COA - EFC | Aid Package = Grants + Scholarships + Work-Study + Loans | Parent Contribution = Assessed Income (22-34% progressive) + Assessed Assets (12%) | Student Contribution = Income above $7,040 (50%) + Assets (20%)
Dependent student, parent income $75k, student income $3k, household of 4, 1 in college, 3.5 GPA at private college: EFC ~$8,500, COA ~$57,800, Financial Need ~$49,300, Gift Aid ~$39,500 (including $10k merit), Loans ~$5,500, Out-of-pocket ~$12,800

What is the difference between financial aid, grants, and scholarships?

Financial aid is an umbrella term covering all forms of funding for college: grants (need-based, don't need to be repaid), scholarships (merit-based or specific criteria, don't need to be repaid), work-study (earn money through part-time jobs), and loans (must be repaid with interest). The best aid packages maximize grants and scholarships.

What is the FAFSA and when should I file it?

The Free Application for Federal Student Aid (FAFSA) is required for all federal aid and most institutional aid. File as soon as possible after October 1st for the following academic year. Earlier filing increases chances of receiving aid since some funds are distributed first-come, first-served. You'll need tax returns and financial information.

How does family income affect financial aid eligibility?

The Expected Family Contribution (EFC) is calculated from family income, assets, household size, and number in college. Lower income families receive more need-based aid. However, even middle-income families can qualify for aid. Assets like retirement accounts and home equity are treated differently than liquid assets. Special circumstances can be appealed.

What is demonstrated financial need?

Demonstrated need = Cost of Attendance (COA) - Expected Family Contribution (EFC). COA includes tuition, fees, room, board, books, and personal expenses. Schools use your need to create aid packages. Meeting full need varies by school—some cover 100%, others gap. Need-aware schools consider ability to pay in admissions; need-blind schools don't.

Can I appeal my financial aid package?

Yes! If circumstances changed (job loss, medical expenses, sibling in college), document it and contact the financial aid office. You can also appeal if you received better offers from comparable schools. Be polite, provide evidence, and explain your situation. Some schools have formal appeal processes; others are informal. Appeal early in the cycle.

How do I maximize my financial aid eligibility?

Strategies: file FAFSA early, minimize reportable assets (pay off debt, max out retirement contributions before FAFSA date), understand asset protection, have student assets in parent name when possible, appeal special circumstances, apply to schools that meet full need, consider income timing if variable, and reapply annually as circumstances change.