Financial Aid- Two Kinds Need-Based Financial Aid ✤ determined by financial situation of family Merit-Based Financial Aid ✤ awarded on basis of merit - academic, athletic, artistic
Need-Based Aid FAFSA is completed ✤ www.fafsa.ed.gov www.fafsa.ed.gov Jan 1 of Senior Year Parent & Student PIN Financial Information
Terms to Know EFC = Expected Family Contribution ✤ What the government says your family should pay for college per year COA = Cost of Attendance ✤ Tuition, room & board, books, fees, etc. per year
How This Works Cost of Attendance per year = $30,000 Expected Family Contribution = $10,000 Financial “Need” = $20,000 If college meets 100% of demonstrated need, will give financial aid award of $20,000
Financial Aid Award Grants/Scholarships Work-Study Loans
Net Price Calculators (NPC) Tool to help families determine what the net price would be for the first year of college Net Price = Cost of Attendance minus estimated need-based financial aid award Need financial records Not easy to compare colleges
What to Look For - Generous Colleges Colleges that give a large % of grants or scholarships in need- based financial aid awards & little or no loans Colleges that give a large % of merit-based scholarships (not based on financial need)
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