What is the difference between the cost of attending a particular school and the expected family contribution, minus any other financial aid?
Add the financial aid and family contribution. Subtract that sum from the cost of attending a particular school.
And remember that the cost of attending a school/college/university includes the following:
tuition
room and board (apt, food, utilities, etc.)
books, paper, computer, pens, etc.
To calculate the difference between the cost of attending a particular school and the expected family contribution (EFC), minus any other financial aid, you'll need to follow these steps:
1. Determine the Cost of Attendance (COA): The COA is the total amount a student is expected to pay for one year of attendance, including tuition, fees, room and board, textbooks, supplies, and other expenses. This information can usually be found on the school's website or by contacting the admissions or financial aid office.
2. Calculate the Expected Family Contribution (EFC): The EFC is a measure of a family's ability to contribute to their child's education. It is determined through the Free Application for Federal Student Aid (FAFSA) or other financial aid applications. The EFC is usually provided in the financial aid award letter or can be obtained by contacting the school's financial aid office.
3. Subtract Financial Aid: If the student has received any financial aid, including scholarships, grants, or loans, subtract the total amount from the COA. This will give you the remaining cost after financial aid has been applied.
4. Subtract the EFC: Subtract the EFC from the remaining cost after financial aid. This will give you the difference between the cost of attending the school and the EFC.
For example, let's say the Cost of Attendance is $30,000 per year, the Expected Family Contribution is $10,000, and the student has received a scholarship of $5,000.
Step 1: COA - $30,000
Step 2: EFC - $10,000
Step 3: Remaining cost after financial aid - $30,000 - $5,000 = $25,000
Step 4: Remaining cost after financial aid - EFC = $25,000 - $10,000 = $15,000
In this example, the difference between the cost of attending the school and the EFC, minus any other financial aid, is $15,000.