Module 1: Unit 1

Overview

High school seniors planning to apply for financial aid cannot complete the FAFSA (Free Application for Federal Student Aid), which may be completed freely at the U.S. Department of Education Student Aid website, until the opening of the FAFSA filing period on October 1 of the year prior to when the student will be requesting financial aid. However, completing the FAFSA4caster early in the college planning process is essential in guiding your college and scholarship research. As a result of your family income, you may qualify for need-based financial aid. If not, you may only be considered for merit-based scholarships. Completing the FAFSA4caster will provide an estimate of how much you will be required to pay for college— your Expected Family Contribution (EFC). 

Objective

Compute your EFC (Estimated Family Contribution).

Guiding Question

As you begin the college planning process, what is your family’s EFC?

Materials

Forms/documents:  Previous year’s tax returns or income information

Supplemental Reading

How America Pays for College 2018

Student Loan Debt Statistics in 2018: A $1.5 Trillion Crisis

Enrichment

The enrichment unit provides examples of how financial aid award letters vary by a family’s EFC. Samples of actual award letters are provided from Princeton, Amherst, and Harvard.