Financial aid makes up the difference between what college costs and what a family can afford.
There are 3 main types of financial aid:
- Loans that have to be repaid
- Grants & scholarships that do not have to be repaid
- Employment programs such as work-study
The first thing about paying for college that a family needs to determine is what their financial need is. To determine this amount there is a formula and it is the difference between the cost of attendance (COA) and the expected family contribution (EFC).
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