The Final Financial Show

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The FINAL FINANCIAL SHOW:

Summing up all the methods and procedures that we have discussed till now, the formula for calculating the family contribution can be seen as:
Expected Parent Contribution + Expected Student Contribution = Expected Family Contribution (EFC)

We can find out the Expected Parent Contribution (EPC) by this formula:

EPC = (available income * assessment rate) + (net assets * assessment rate)

Where,
Available income=Parent’s income – expenses
&
Net assets= Parent’s assets- debts — protection allowance

We can find out the Expected Student Contribution (ESC) by this formula:

ESC = (Available income * assessment rate) + (net assets * assessment rate) Where,

Available income = Student’s income – expenses
&

Net assets = Student’s asset –debts

While calculating the financial aid, one should accept that there may be some difference in the actual numbers and the estimated calculated numbers. The difference can also occur due to the college using the federal or institutional methodologies. The FAO also has a lot to do with the financial aid, thus there may be differences in the actual and the calculated numbers based on how badly the college wants you.

Timeline for the financial aid (The step-by-step guidelines)

Financial aid is a lengthy and a complicated process. Just like you make timely preparations for your tests, entrance examination, and application submission, you have to follow a specific time schedule while applying for the financial aid.

You can refer to the following table, which will present all the relevant details about the timeline concerning the financial aid.

MONTHSTUDENTS SHOULD CONSIDERPARENTS SHOULD CONSIDER
SEPTEMBER - OCTOBER
(JUNIOR YEAR)
Junior year students should be ready to take the PSAT.
Visiting the councillor of the school is always a good idea.
Calculate the estimates using FAFSA4caster.
Start discovering the ways of arranging the money for education, or alter your budget.

You can consult the financial experts or your family.
NOVEMBER – JANUARY
(JUNIOR YEAR)
Take part in the decision making process.
If, possible start saving money, as it can be useful in managing your expenses, after you get admission.
After you have taken a rough estimate about you EFC using the FAFSA4caster, Consult the financial expert and your family regarding your exact EFC.
JANUARY – MARCH
(JUNIOR YEAR)
Do your research and start shortlisting colleges (Cost Effective) on the basis of your requirement.Parents should help their children in doing the research.
APRIL- MAY
(JUNIOR YEAR)
It’s time to take the Standardized tests like- SAT or ACT.
You can even take both SAT and ACT.
Revert back to the budget plans you made in the month September-October, and reconsider your current financial situation.
Check if you can afford the education cost, or go a little beyond your budget.
JUNE – AUGUST
(PRIOR TO THE SENIOR YEAR)
Consider FASTWEBThe parents can visit the colleges they shortlisted earlier, and look for the most cost-effective colleges.
SEPTEMBER
(SENIOR YEAR)
Consider taking the standardized tests like the SAT / ACT again, or consider taking a preparatory course (In case your scores are not up to the mark).
If your scores are great, never miss out on the chance of getting scholarships. You can start noting down the important scholarship dates.
Take notes of important dates, and prepare beforehand.
OCTOBER
(SENIOR YEAR)
Applicants can just check if everything is right, and complete all the pending work.
This is the time to request for the application forms required for admission.
Check with your child, if he/she has maintained a file and arranged the documents carefully.
NOVEMBER
(SENIOR YEAR)
Applicants have the option of taking the SAT or ACT once again.
You can start filling the application forms for admission.
Schools having early decision round require CSS profile. You should start filing the CSS PROFILE.
Parents should also file the CSS PROFILE for early decision rounds.
Verify if your child’s documents are in proper order and send them to the U.S mail, that will prove that all the deadlines are being met.
DECEMBER
(SENIOR YEAR)
The schools receive the application, so you must watch the scholarship offers, sent from various schools.
You can also check your email id for such offers.
The schools receive the application, so you must watch the scholarship offers, sent from various schools.
JANUARY
(SENIOR YEAR)
Students can file their taxes
File the FAFSA and shortlist 10 colleges from where you want to receive the federal aid offer.
Complete all the components of your application required for admission. (Essays, recommendation letter).
Complete all the pending work related to scholarships, and prepare for the scholarship interviews
Time to file the federal taxes
Parents can also consider filing the FAFSA, i.e. the form used to apply for federal aid
FEBRUARY
(SENIOR YEAR)
After completion of the FAFSA, you can submit the FAFSA.
The colleges after receiving the FAFSA, send them offers. Students need to check their mail for to learn about the various financial aid offers.
Submit the FAFSA and wait for the offers.
MARCH
(SENIOR YEAR)
The month of March is the final deadline for many states. Complete all the pending formalities immediately. The month of March is the final deadline for many states. Complete all the pending formalities immediately.
APRIL
(SENIOR YEAR)
You can visit the college campus to learn more about the program.
Consult the financial aid officer for further queries.
Ensure that the enrollment fee is paid by 1st of May
You can visit the college campus to learn more about the program.
Consult the financial aid officer for further queries.
Pay the enrollment fee of your child. The final deadline is first of May
MAY
(SENIOR YEAR)
Ensure that the enrollment fee is paid by MAY 1ST (The Final Deadline)You should ensure that the enrollment fee is Paid by May 1st.
You can inquire about the various options for payment
In case you have paid the enrollment fee and you want it back, then the refund should be done within May 1st
JUNE
(SENIOR YEAR)
Time for the orientation program (Optional)Time for the orientation program of your child (Optional)
AUGUST
(SENIOR YEAR)
Ensure that the promissory notes are completed
The bill should be cleared.
The promissory notes need to be completed.
Pay the bill.

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