When you’re searching and applying for college financial aid, it helps to understand the jargon. The FAFSA form (Free Application for Federal Student Aid) employs a bewildering array of acronyms. American students should file a FAFSA as soon as possible after January 1st of senior year. Complete your application online at https://fafsa.ed.gov. To make the process easier, we offer a handy translation guide.
- COA stands for Cost of Attendance. This number includes such costs as tuition, room and board, fees, books, a minimal budget for incidental spending, and two round trips yearly between the college and the student’s home.
- EFC is the Expected Family Contribution—the amount student and family are expected to be able to pay towards the first year of college expenses. The EFC is derived from an analysis of all of the data entered on the FAFSA form.
- ESTABLISHED NEED—the difference between the COA and the EFC. This is the amount that the college financial aid package will attempt to meet.
- CSS PROFILE—the College Board form required by many private colleges in addition to the FAFSA. The PROFILE gathers more in-depth financial information. If required, complete the College Scholarship Service PROFILE form at www.collegeboard.com.
