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preview hi and welcome back to our channel once again my name is ed zamora from principia prep and today we're going to be discussing using the net price calculators and the expected family contribution calculators to determine your college cost but before we start if you are looking for more college content please leave us a comment below letting us know what you're looking for as well as hit the subscription button to be notified when additional videos come out and if you enjoy this video today please leave us a like it does help the channel in today's video we're going to be going over the two different expected family contributions the federal methodology and the institutional methodology and why there are two of them we're also going to explain how they're used by the colleges to determine how much money you should be paying towards college and essentially how financial aid is considered we're also going to go over the net price calculators and how they work individually per college to figure out not only how much you have to pay them but also how much financial aid they're going to provide you with let's first talk about what the expected family contribution is and how it's calculated in the world of financial aid you essentially have two different financial aid forms you have the fafsa form and the css profile form both become available for senior students starting october 1st to be able to create and finish the form which then generates the expected family contribution number now the expected family contribution is essentially what the college expects you to pay for one student headed off to college for that academic year now the number at times is confusing for families mainly because in certain cases your expected family contribution number will not actually equal what you're paying so i guess issue with it happens a lot of times what families don't realize is the expected family contribution number does not mean this is all you're paying it typically means this is the starting point of what you have to pay at least that's the way to look at it the proper way of looking at the expected family contribution number as an example let's say you fill out the fafsa form and the fafsa form indicates that your expected family contribution number is ten thousand dollars which means you have to pay at least ten thousand dollars towards the cost of college however if you're dealing with a state or public institution typically at the ten thousand dollar expected family contribution level you've run out of space for financial aid consideration because these institutions typically do not give out their own money they usually just give out federal or state money and once you have an expected family contribution of 10 000 there's no more room there for the federal government or the state typically to provide you with financial aid assistance now if you're looking at the private side it's a little bit different on the private school side if you have a 10 000 expected family contribution typically means there's still a lot of space available for financial aid to be provided to you typically the private schools will be funding the amount left over between the 10 000 you're expected to pay and the college's cost with their own funding so if you have an expected family contribution more than ten thousand dollar level or higher assume unfortunately state and public institutions colleges ie will not be able to help you with that much funding when it comes to the private universities and colleges they will be able to help you with funding now if you're looking for more insight about public universities versus the private universities you can also watch our video which actually i have down in description below which is the college and financial aid process doing this covet time we all find ourselves in once again in the description below you can watch that video goes further in depth about public versus private colleges and their way they fund you now that being said let's begin by talking about the fafsa form the form itself is filled out at fafsa.ed.gov which we have link here down below as well the first form you'll be filling out to start the whole process of getting your expected family contribution or essentially the federal methodology of calculating your expected family contribution now this will be the first form most families fill out in some cases the only form you need to fill out for financial aid consideration this form is used by every college to start off by figuring out the federal the state in some cases their own institutional aid that's available for the student to be provided now at the end of the fafsa some state will also ask you for an additional state form to be completed typically this is linked at the end of the fafsa form so once you complete the fafsa form and get the confirmation screen at that point time you're gonna see that there's an additional form necessary this form in addition to the fast form must be completed to be able to get state and federal funding the states usually have a hybrid fafsa federal methodology calculation they utilize or in some cases they just use the fafsa federal methodology to determine if you're eligible for state aid and if you are to be able to receive the state aid but to get the state aid of course your student must stay within the state that they reside let's talk about the second expected family contribution essentially the css profile form or the institutional methodology now the second form that you might fill out the css profile provides you with an additional expected family contribution now the css profile is not required by all colleges you fill out the form here at collegeboard.org now this form itself does not take the place of the fafsa so you have to do two forms if the school requires a css the fafsa and the css profile so now that we explain there's two different expected family contributions a federal expected family contribution from the fafsa and an institutional expected family contribution from the css profile forum you're probably wondering why are there two different expected family contributions well the federal methodology the fafsa is used to provide state federal and institutional funding i.e the college's own money and while many schools only use a fafsa form some schools elect to also utilize the css profile form to provide them with additional financial information on the family to make sure that the individuals are providing aid to are the most needy or the ones who need the most help the css profile only provides the school's institutional funding which is grant money if it's available so basically free money this is why the form is so much more intrusive because what you'll notice is the fafsa form is fairly straightforward with their questions that they want answered as far as your finances when it comes to css profile it's a lot more in depth and the reason being is that most of the schools that use a css profile are the most expensive schools the higher tier colleges the ones that are more generous towards your students typically and they want to make sure that they're providing the most aid to the most needy students now when it comes to the fafsa form the minute you complete the fafsa form you get a confirmation screen on the confirmation screen it provides you your federal methodology your expected family contribution how much they expect you to pay as a family for one student to go off to college for that one academic year the css profile which is completed on the college board site does not do that so it's basically three ways you can get your expected family contribution number from the css profile form or essentially the institutional number they're looking for from you guys to be able to pay for college number one after you finish the fafsa and the css profile contact the school's financial aid office and ask them can you please provide us our expected family contribution some schools will other schools unfortunately will not provide you because in some cases the secret the way they calculate your numbers figures incomes etc the second way to figure out if you want to know both your federal and your institutional methodologies fafsa and css expected family contributions is to go on to once again college board because on college board they have what's known as an efc calculator the expected family calculator lets you play around with the numbers increase your income decrease your income increase your assets decrease your assets etc and on the calculators on the college board site it will provide you both the federal methodology with the fafsa saying you can pay and the institution methodology what the css profile is saying you can pay and the third way of figuring out what your institutional methodology is is by using the net price calculators so what is the net price calculator well it's basically a more specific expected family calculation calculator what it basically does is it takes one school you provide that net price calculator with your financial information your income your assets and by the way it's not safe so you can change things around make things better or worse whichever direction you want to go as far as your finances increase numbers decrease numbers kind of play around with to see what your numbers end up being the calculators are typically found on college board and in many cases on the school's own financial aid website these calculators are college specific so as you plug in income and asset numbers and in some cases even the gpa in some cases also test scores the next thing you're going to get is a completed net price calculator pdf which essentially shows you specifically for that college based on your family's financial situation how much you're paying out of pocket as well as how much in grant money gonna get the free money and also in some cases scholarship money that school is willing to offer you that's the reason they ask you sometimes in the form the net price calculator from the college for academic information to see is are you out for scholarship consideration so what's the benefit of the expected family calculator versus the benefit of the net price calculator well if you're looking for a broad number just got an idea to kind of get a sense of what the colleges all of them out there will be expecting you to pay then i would utilize the expected family contribution calculators to get a broad sense of where i am with every college of what the minimum is i need to pay if you're looking for more specifics let's say you're looking to do early decision and get locked into that certain school then i would do the net price calculator since most schools now have a net price calculator which allows you to find out specifically for that college how much you need to pay and how much you're going to be providing you based on their financial aid criteria now one thing to consider if you are doing the net price calculator is if the school requires the css profile form in many cases if you are divorced or separated they will ask for both biological parents financial information so what you need to do if you're doing the net price calculator you basically have to add one parent's information and the other parents information together into the calculator to get an actual reading that's close to what you're actually going to get because if you only count one of the separated or divorced parents financial information then technically what's going to happen is when you do all the other forms it's going to throw your numbers all out of whack now that we've gone over the expected family calculators as well as the net price calculators and why there's different ones available for you and what they mean if you're looking for more insight of calculations and how they break down how each one of them work individually in more depth please watch our videos on the college process and financial aid during covet in the description below that being said if you do have any questions or you're looking for additional assistance on the screen now you see our contact information we do have a newsletter goes out every month basically explaining to parents what they need to be doing at every grade level on a monthly basis if you want that information please send us an email with your students grade level and which email you'd like us to send the newsletter to it goes out every month if you're looking for additional information for specific questions please leave a comment below or shoot us an email of that as well and that being said once again my name is ed zamora thank you for watching our video if you enjoyed the content please leave us a like and if you're looking for additional information please click the subscription button to be notified