This application is available through most high school counselors and college financial aid offices. This is the amount of financial support your family is assumed to be able to contribute toward school costs of the course of an academic year. Need-based financial aid is intended to fill the gap between your expected family contribution and each school's own cost of attendance. Your expected family contribution will be the same at each college, but each college has a different cost, so you eligibility for aid at each school will vary. You will qualify for more aid at a higher-cost school.
Financial aid tries to equalize the different costs among schools.
These concepts imply that you should be free to select your school based first on academic, professional and social needs. Cost should not dictate your school choice. This underscores the importance of meeting admission and financial aid deadlines. These loans are generally repaid within 10 years. Common Terms Related to federal Student Loans Default is a failure to repay a loan according to the terms of the promissory note.