EFC is your Expected Family Contribution. In the real world, think of it as your Minimum Family Contribution. There is no requirement that a school meet your need, though some will. If schools aren’t going to meet your need, why do you need to know your EFC? Beyond knowing the minimum you’ll be expected to pay for your child’s education each…
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So it’s come to this: Your student is in college. Hooray! You’ve got some savings to pay for some of it. Hooray again! You’ll pay for some with cash flow and borrow for some of the rest. How do you manage and prioritize that? Brent Hunsberger’s column from this weekend has some great information.
Fed economists Mary Daly and Leila Bengali explore this question in a new research paper. Their conclusion? Based on lifetime earnings, yes: “for the average student, tuition costs for the majority of college education opportunities in the United States can be recouped by age 40, after which college graduates continue to earn a return on their investment in the form…
Is your senior among the fortunate ones with multiple acceptances? Part of their decision-making process might be a visit to Payscale.com’s College ROI Report, here. One of my favorite features is the ability to calculate ROI by major. Of course, getting a good-paying job isn’t the only reason to go to college, but any time you look at a high-priced…
Several of us weigh in on how to prioritize college and retirement savings in a recent New York Times article here.