For the latest business news and markets data, please visit CNN Business. Paying for college in the U. You don’t know exactly how much it’s going to cost until you receive the financial aid award letter from the school. Even then, you have to decipher a list of grants, scholarships, work-study awards, and loans in order to understand what you owe. And many families are surprised the amount they’re expected to contribute is still quite high. The good news is that most students don’t pay the «sticker price» for college. The difference was made up by financial aid. Colleges take a look at a family’s finances to determine the » Expected Family Contribution » — or what they expect you to be able to pay. The financial aid system is supposed to fill in the gapbut many families find they can’t pay what they’re expected to contribute out-of-pocket. Related: 7 ways to cut the cost of college. Online » net price calculators ...