On Monday, I outlined some financial aid considerations when choosing a college or filing the FAFSA for more than one institution. That led me to think of other things students might question when reviewing financial aid packages between schools. Not all schools are alike, as you're probably already aware.
State (public), private, and community colleges can all widely vary in their tuition/fees, room/board, and other campus educational costs. Usually, a community college has the lowest tuition and fee rate, and be a commuter school. Because their costs are lower than other schools, your student budget for financial aid will be lower as well. Private schools are on the other end of the spectrum with cost, so your student budget will be much higher. Most state public schools are in between.
What does this mean for you? First, let me give a little background on Expected Family Contribution (EFC). It is driven by the federal government and Department of Education's Federal Methodology formula. The EFC is the result of your FAFSA information, and not what you will be charged by your college for educational expenses. It is simply a guideline for schools to determine your federal and state aid eligibility based on regulations. Unfortunately, the EFC cannot be determined by going to a magical income chart. The Federal Methodology takes into account many different calculations using your family income, assets, household size/number in college, and even parent/student age and state in which you live.
You will receive an EFC on your Student Aid Report once you file the FAFSA. That same EFC will be used at each school you listed as a choice on the FAFSA. However, don't expect to get the same financial aid package at each school. This is when the type of school and your student budget at a particular school comes into play. Based on your individual student budget at that school, the school's funding from the federal and state government, and other private resources, you may see a dramatic difference in financial aid package.
Don't panic if you get a vast array of difference in aid packages if you apply to different types of institutions. The bottom line is always your out-of-pocket expense, so don't hesitate to sit down with each school's financial aid administrator and calculate what is expected of you to pay after financial aid. Be sure to read your award letter from each school carefully because many schools list the final expense (or how to calculate) on the award notification.