5 Big Financial Aid Lies

Reader Comments
Back to blog

Your article is also misleading because it fails to point out that the expected family contribution is based on the family's past, present and future economies. Where is it written that the EFC is a cash flow analysis? It is certainly not a perfect system but it what we have been given by the U.S. Congress. Once upon a time, this methodology was used by everyone and adjusted by economists. Now it is simply another political tool to control government appropriations.
What I have found over the last 30+ years of my career as a financial aid administrator is that families expect their children to go to college but many fail to make appropriate plans to assist them in doing so. That lack of planning, coupled with scarse and dwindling financial aid dollars, puts the financial aid administrator in a "no-win" situation.
I speak for those of us who work on behalf of each student we meet, we do the best we can with the reality that exists. Artcles such as this only undermine our ability to do our work.

Heather of NY 8:44AM April 07, 2010

Great response Amy.

Amy of NC 8:41AM April 07, 2010

Your explanation of the "Expected Family Contribution" assumes that the calculation is based upon what a family should spend from current income. It is too bad that you didn't gain a little more understanding of the formula before writing about it.
In fact, the calculation represents a relative share of annual expenses that can be paid over time. Families have choices about how to do that -- they can save in advance, pay from current income, or borrow and pay from future income. Saving is the least expensive approach, and borrowing is the most expensive. Most families use a combination of all three approaches.
To imply that the EFC represents whatever income should be left over at the end of a year is very misleading (what might be termed a "big financial aid lie").

Counselor of NC 8:41AM April 07, 2010

I find it rather sensational to slap the word "lie" in your title instead of "misconception".
I am a financial aid counselor who neither misleads, nor lies about any regulation, grant, scholarship, or aid eligibility. Much of what we do is to enforce regulations that congress sets. Do we as a national organization ask for change and clarity? Of course we do. Do we protest to things that don't work? Yes, but our suggestions are not always heard. So we have to work with what we have and be the best communicators of the complex and ever changing financial aid regulations. However I do not lie.
Awesome financial aid administrators are never given their just due for the incredible jobs they do. It's a thankless job that must be done with accuracy, efficiency, and a high level of customer service. Too often considered the enemy, seen as the one who withholds money from students. Yet we are tirelessly working, ever adjusting to regulations that change constantly, with the goal of awarding our students what they are eligible for. Informing students who often don't care until they have a balance due. What is more exhausting are the countless students who want "free" money without having to do anything, even earn decent grades.
I find it hard to find an article that ever speaks well of our profession, if its ever spoken of at all. Despite the bad taste this article left, I will continue to be as forthcoming as our college and FA office has always been. It's also up to the students and parents to truly listen.

Amy of NY 8:47PM April 06, 2010