Understanding the FAFSA
The FAFSA will be used to determine your Expected Family Contribution (EFC). Once your EFC is determined, Pace will apply any institutional aid (incentive and need-based) and Federal and State Aid.
EFC- Total Grants and Scholarships = Student's Actual Cost
Your Actual Cost is the amount that you will be expected to pay for your education through current income, loans and savings. This amount often exceeds your EFC, as it is assumed that as the primary beneficiaries, all students should be responsible for some portion of their educational costs. At Pace, we prepare financial aid packages that cover the complete cost of attendance by suggesting loans to cover the Student's Actual Cost. Students may choose to apply for these loans or decline them, in which case they agree to pay their costs through savings, or through our monthly payment program called TuitionPay.
