Step2: Understand the Financial Aid Formula

Total Costs of College Attendance

·   schools must report to all applicants how much it will cost to attend their school for each academic year   ·   schools determine costs based upon average budgets that students spend for the following categories:

1. Tuition and Fees:
   cost to attend class instruction and the use of facilities, labs, libraries and all other related services for each enrolled student
   
   
2. Books and Supplies:
   the estimated amount for books and supplies the student will be required to purchase for classroom instruction — this item may include computer and other electronic and telecommunication devices
   
   
3. Room and Board:
   the estimated cost for housing and food if you live in a residence hall; if you live off campus, food expenses are not estimated
   
   

Other costs that may not be included in your "cost of attendance" but should be considered are the following:

1. Transportation:
   the estimated cost for 2-3 round trips from your home to school; if you live with your parents, the estimated commuting costs will be calculated
   
   
2. Personal Living Expenses:
   the estimated cost for clothing, grooming supplies, laundry and limited entertainment
   
   
3. Other Personal Costs:
   personal expenses that are specific to the student such as disability expenses, dependent care, loan fees, etc.
   
   
4. Miscellaneous:
   any other expenses that you can identify with your school's Financial Aid Office

Estimate your total cost of attendance: click here

Needs-based financial aid programs are awarded to students and families who display a financial need.

The government calculates financial need based upon the following formula:

• the government uses the submitted FAFSA form to calculate "Expected Family Contribution" (EFC)
  
  link to: filing the FAFSA form
  
  
• the financial aid office of the school you will be attending calculates the total cost of attendance and then subtracts the amount you and your family are expected to contribute toward that cost.
  
  the remaining cost left over (if any) is the amount of financial need you qualify for, adjusted by other financial aid assistance you expect to receive (such as school scholarships, grants, etc.).
  
  
• the financial aid administrator will put together a financial aid award package that comes as close as possible to meeting your need -- since funds are limited, the amount awarded may not cover the full cost of college.
  
  
• students often must consider other forms of financial aid assistance to supplement the difference between financial need and financial aid awarded.
  
  examples: see private aid options
  
  
  
• some college institutions (mostly private institutions) may use their own methodology in calculating financial need:
  
  

• you need to check with your college to determine what methodology that is in use —
  
  link for more information and an application: information on CSS® Profile