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Financial Aid Planning

As you choose a plan to help save for your child’s education, you may also want to find out how financial aid can help you pay for higher education costs. The prospect of paying for college may seem intimidating, but with proper planning, it doesn’t have to be.

How much of your child’s tuition are you expected to pay?

Your share is called your expected family contribution (EFC). Based on an analysis of your annual adjusted gross income and assets, EFC accounts for and factors in grants, loans, and work-study programs for which your child qualifies, as well as any financial aid you can expect to receive. FinAid.org can help you estimate your EFC.

College savings calculator
Use this calculator to help you see how your EFC fits in with your overall college savings goal.

Financial aid & scholarships

Your child may also be eligible for federal and state financial aid, or other scholarships and aid opportunities. For more information:

Federal Student Aid Information
Find out about federal student loans, college aid, and the Free Application for Federal Student Aid (FAFSA).

FinAid
Get details on scholarships and explore other financial aid resources, including a listing of state financial aid offices.

Next step

529 plan FAQs: paying for college
Learn more about using a 529 plan to pay for higher education expenses.

Questions?

Call a college savings representative.

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