After looking at the costs of several institutions, it can leave you wondering, how are students able to afford a college education? Most students do not pay the full "sticker price" of the college they attend. When it comes to paying for college, money is available - in the form of grants, low-interest loans, special merit or need-based scholarships and work-study programs. You must complete the Free Application For Federal Student Aid (FAFSA) soon after January 1 of the year you intend to enroll in school. Check with each of the colleges to which you apply for their specific deadlines. Be certain to ask if any other supplemental forms (such as the CSS Profile Form) are required.

The financial aid process may seem complicated, but in its simplest form it comes down to understanding five steps:


1. After completing the FAFSA, it is submitted to the Department of Education. The Department calculates, based on a complex methodology, your ability to pay for the cost of attendance. Your ability to pay is called the EXPECTED FAMILY CONTRIBUTION. The factors used in determining the expected family contribution (EFC) include: parent and student annual income and assets, family size, number of family members attending college and unusual circumstances.
   
2. The school, meanwhile, sets the COST OF ATTENDANCE. The COST OF ATTENDANCE is the amount budgeted for a student to pay tuition, room and board, books, fees, supplies, transportation and any related expenses.
   
3. The financial aid officers subtract your EFC from the cost of attendance to determine your ELIGIBILITY for financial aid.
   
4. The financial aid officer calculates, based on the campus' available resources, the amount of financial aid the institution is able offer the family. BE AWARE: Because a student is eligible for a certain amount of financial aid does not mean the student is guaranteed to receive that amount. The unmet need is called the "GAP".
   
5. The financial aid officer sends the student an AWARD LETTER that details the amount of financial aid the college is able to offer the student. The aid is broken into categories of "loans", "grants", "scholarships" and "work-study".
   

Example


Cost of Attendance   18,000
- Expected Family Contribution     6,000

= Eligibility for Financial Aid   12,000
Financial Aid Offered     8,500
GAP     3,500

When Planning for College, Think Careers!  ->