The Family Contribution is the amount you will be expected to contribute toward your student’s educational expenses during the academic year. It must be recalculated every year. The method for gathering the personal and financial information necessary to calculate your Family Contribution is the Free Application for Federal Student Aid or the FAFSA, as the form is commonly referred to.
For dependent students, your family contribution is the sum of four separate calculations: the contribution from parents’ income; the contribution from parents’ assets; the contribution from student’s income, and the contribution from student’s assets. Working with a professional who understands how Family Contribution is calculated is the key to lowering what you will be expected to pay.
The best analogy of this is working with a tax advisor. Imagine if the Internal Revenue Service asked you to file all the information on your tax form without you having any way of knowing what you were going to pay or without any way of knowing the strategies that you could use to lower your tax bite. In this situation you would probably want to seek the advice of someone who knows the rules of the game. This is the situation with filing the FAFSA and Profile aid applications and you have taken the very important first step of seeking out knowledge about how the financial aid process works and how to improve your situation
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