When applying for financial aid, you are evaluated by your family's ability to contribute according to the formula determined by the federal government and sometimes by the college itself. Your family's contribution is determined by factors such as, family size, number of family members in college, parents' income and assets, as well as your (student's) income and assets.

It is important to be realistic about your family’s situation. The determination of your EFC may not be what your family can pay out of their current income. Sit down with your family and discuss what they are truly able to contribute. You may need to consider tapping into a variety of other resources to make up the difference.