How can I judge the reliability of the financial aid package provided to me?
Are you willing to know about the working methodology employed by EFC technique?
Do you want to know what the difference in financial packages issued by Government to that of private ones?
Education system has been revolutionized and thus became quite expensive compared to earlier all because of increase in number of students willing to study and the number of colleges and seats remaining the same. Owing to these the college being chosen by a student largely depends upon the financial aid package offered by a particular college.
A tool named EFC (Expected Family Contribution) has been formulated by CSS, CSS stands for College Scholarship Service. EFC aids in suggesting the right financial package to a student depending upon the financial resources his/her family owns.
CSS works in a simple providing us the most suited package. Desirous students are asked to fill a CSS form which contains details about the income and expenditure of the family. The report generated from the processing is then forwarded to all those colleges where the student wants to be admitted.
Each school then recommends the suited combination of scholarship, loans and job that has the capability of meeting the students almost expense all round the year.
The ratio and proportion of scholarship to loan by public and private institutions vary on a large scale. Private institutions emphasize on loans whereas Government ones focus on scholarship. Loans are preferred by private colleges as it will benefit them when returned with interest which is not the case with scholarship means they are issued for ever and need not be taken back.
It may happen that you get an approval from both private and public universities, be careful and analyze their packages properly. An overall evaluation is advised before you go for it.
Moreover any doubts related to the financial packages must be clarified well in advance i.e. before admission to avoid troubles later on.
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