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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: JohnnyGreig/Getty Images September 30, 2022 Dori Zinn has been a personal finance journalist for more than a decade. Aside from her work for Bankrate, her bylines have appeared on CNET, Yahoo Finance, MSN Money, Wirecutter, Quartz, Inc. and more. She loves helping people learn about money, specializing in topics like investing, real estate, borrowing money and financial literacy. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The Federal Student Aid Estimator, once known as the FAFSA4caster, is a tool that can help students determine how much financial aid they may receive. While the tool can’t predict your exact financial aid package, it usually takes less than 10 minutes to use and could help prepare you before you fill out the . What is the Federal Student Aid Estimator
The Federal Student Aid Estimator is an online tool that calculates an estimated expected family contribution (EFC) for students entering college — essentially an abridged version of the FAFSA. This can help students determine whether they may be eligible for Pell Grants and other federal financial aid. Keep in mind that it’s only an estimator. You won’t know your family’s exact EFC until you , which uses a more comprehensive look at your family’s finances and household details. Who should use the Federal Student Aid Estimator
Anyone who plans on using federal financial aid to pay for college should consider using the Federal Student Aid Estimator. Even if you’re a few years out from your first college tuition bill, you can use the estimator to see what you can expect to pay, giving you a chance to stash away money if necessary or make more informed decisions about the colleges you consider. Nothing you input is saved or reported to the government, and it takes much less time than the FAFSA — five to 10 minutes on average. How to fill out the Federal Student Aid Estimator
You can find the Federal Student Aid Estimator on the . The tool will guide you through several steps of the process: Fill out personal information (date of birth, marital status, state of residence and grade level). Fill out household information (number of people in your household, number of college students in your household). Fill out income and asset details (household income in latest tax year, total value of household assets). At the end of the process, you’ll receive a breakdown of your estimated EFC, as well as potential dollar amounts for , and . Is the Federal Student Aid Estimator accurate
The Federal Student Aid Estimator is an estimation based on self-reported information. There’s a chance that you might not have all the right information, and the actual FAFSA includes much more detailed questions that may impact your EFC. However, the simulation can give you a starting point in determining your financial need. The only way to find out your accurate EFC is to complete the FAFSA when it opens Oct. 1 every year. The sooner you complete the FAFSA, the more need-based aid you can expect to receive. Applying sooner also gives you the chance to look for other types of free money in . SHARE: Dori Zinn has been a personal finance journalist for more than a decade. Aside from her work for Bankrate, her bylines have appeared on CNET, Yahoo Finance, MSN Money, Wirecutter, Quartz, Inc. and more. She loves helping people learn about money, specializing in topics like investing, real estate, borrowing money and financial literacy. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles