College Affordability:
What is a Financial Fit?

Think of Financial Fit

fit
When exploring colleges, students typically look at athletic fit and personal/academic fit, but it's important to also consider financial fit.

Simply put, the financial fit is the likelihood that a college will be affordable to you and your family after receiving an athletic scholarship and/or other forms of financial aid. Financial fit is a critical factor to consider when you decide to make a commitment to a college soccer program. Before you get to that point, you and your family can be proactive and make sure you have options on your list that you can afford. This includes finding schools that have generous financial aid programs AND schools that are financially realistic, even if you don’t receive significant scholarships or financial aid. 

We are not suggesting that you focus only on whether you can afford a college or not--you will never truly know until you receive a real offer from a coach or a financial aid award letter.  However, having a good understanding of what makes a college affordable will help you be strategic and focused on finding colleges that are truly a great fit for you.

It can be tricky to understand the cost of college since it will vary from college to college and change based on each student's unique situation. The good news is that there are many resources available to help you get informed about what you can do to make college affordable for you and your family.

This page will introduce you to some questions necessary deepen your understanding of college affordability. You will also discover resources to help you find answers.
1. Can't I just get a full ride athletic scholarship?
Although many students dream of receiving a full ride athletic scholarship that covers the entire cost of their college education, the reality is that very few soccer players obtain such an offer. Why don't all soccer players get a full ride athletic scholarship?
  • Soccer is an equivalency sport, which means coaches are allowed to break up the scholarships they have. Coaches often rely on other sources of financial aid to help students afford the cost of college. 
  • There’s not as much money in soccer as there is in other sports and not all college programs have the same level of funding.
  • You’re sometimes competing with older and international players.
  • Only D I (9.9 maximum) or D II (9 maximum) soccer programs can offer athletic scholarships. D III or Ivy Leagues do not offer athletic aid.
    • Note: Ivy League colleges and many D III colleges (smaller private) can still be very generous and provide merit and need-based financial aid, making them affordable.
For these reasons, we want you to be empowered with information about college affordability! 
2. What is my Expected Family Contribution (EFC)?
Colleges expect students to contribute towards the cost of their education based on what their family can afford to pay. The purpose of a college's financial aid system is to cover the gap between what your family can pay and the total cost of attendance. 

How do colleges determine how much your family can afford to pay?
Colleges use a formula established by law or by the university to determine your Expected Family Contribution (EFC). Colleges use the Free Application for Federal Student Aid (FAFSA) and sometimes the CSS Profile to obtain and process information and calculate your EFC. 

How is my EFC calculated?
Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered in the formula. Your family size and the number of family members who will attend college during the year are also considered.

How is the EFC used for financial aid?
After your EFC is calculated, it will be used by college financial aid offices to determine how much financial aid you are eligible to receive. They do so by subtracting your EFC from the college's cost of attendance. The gap is your financial need or the amount of financial aid you are eligible to receive. See the formula below. 

need
KEY MESSAGE: Know what your EFC is in order to make your family aware of what might be their expected share of the cost of your college education and get a sense of your eligibility for financial aid.

So, how do you find out what your Expected Family Contribution (EFC) is?

Use an EFC calculator to get an early estimate of your EFC. See more information on EFC calculators here.
3. What will be my net price for a college?
The first thing to understand is that the price stated on a college's website is NOT the amount you will be responsible to pay. Colleges provide information on the price of tuition and fees, room and board, books, transportation and other expenses to give you an estimate of what is known as their Cost of Attendance (COA).  

Looking at any college's full COA can be overwhelming-- some can exceed $70,000! The good news is that you will likely receive some amount of financial aid to help you pay for the different expenses. 

Instead of looking at the full sticker price, you should focus on the Net Price. The net price is the actual amount that a student and their family is responsible for paying after subtracting scholarships and grants. Scholarships and grants are forms of Gift Aid, or money that a student does not have to pay back.

netprice
KEY MESSAGE: Don't focus on the cost of attendance published in a college's website. Instead, try to estimate the amount of gift aid and other forms of financial aid you may be eligible to receive at that particular college in order to have a better picture of how much you and your family may be responsible to pay. Keep in mind that some colleges may offer loans to help you cover the net price.

So, how do you find out what will be your estimated net price for a college? 

Use a Net Price Calculator! Net Price Calculators are available on every U.S. college and university’s website. This tool allows you to enter your family's financial information to get an estimate of the financial aid you could receive and the net cost you might be expected pay. See more information on Net Price Calculators here. 
 
4. Is a college going to meet my full need?
That's a great question! This one is trickier to answer but it is the question we always want you to keep in mind as you're researching colleges and speaking to coaches. Net price calculators are a good start but you can also search for colleges based on how financially generous they are with students. So, how do you find out if a college is generous?

Research Research Research ! ! !

You can always look up the percentage of need that colleges meet. The higher the percentage, the better they are at meeting student need. Some colleges are known to meet 100% of need! Check out this link for a list of colleges that are known to meet 100% of need. The Big Future College Board site is also a good source for this type of information. Here's how to find the percentage of need a college meets:
  1. Visit Big Future College Board and search for any college
  2. Click on the Paying tab on the left
  3. Click on the Financial Aid By the Numbers tab
  4. There you'll find % of need met
You can also browse this list of colleges that are committed to college access and affordability. The key message here is that you can be proactive in searching for colleges that are likely to provide a more generous financial aid award to meet a higher percentage of your financial need. 
5. Why is a financial aid pre-read so important?
Another way to get a solid estimate of your expected net price for a college is by going through a financial aid pre-read. This happens once you progress in the recruiting process and deepen your conversation with coaches. Coaches will facilitate this process between you and the financial aid office. Some colleges will ask for the FAFSA4caster, some will ask you to complete the college's Net Price Calculator, and others may request other documents through the college's financial aid office. This is an important piece of the recruiting process! Be sure to provide the most accurate and recent financial and personal information in a timely manner. Once you receive an offer:
  • Take your time to review the information in the financial aid pre-read before making any decisions. Make sure you ask questions if anything is unclear and communicate any financial aid related concerns.
  • Understand your Net Price. Talk to your family about the amount your family is expected to cover after financial aid. Is this a feasible amount for you and your family considering other financial responsibilities? Are you comfortable borrowing student loans to cover this amount, if necessary? Be honest with yourselves to determine if the college is truly a financial fit. 
  • Consider negotiating your offer. This is especially important if you are a top recruit and have multiple offers from other colleges you are seriously considering. 
  • If you completed a pre-read, but your family has recently filed taxes, request a new pre-read using the new information to determine if there will be any changes to your financial aid estimate. 



Contact Information