Financial Aid Packaging at the University of Colorado February 2005 Gwen Eberhard Director of Financial Aid Boulder Campus.

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Presentation transcript:

Financial Aid Packaging at the University of Colorado February 2005 Gwen Eberhard Director of Financial Aid Boulder Campus

Financial Aid Process For Need-Based Aid 1. How Much Does it Cost to Go to CU? - Cost of Attendance 2. How Much is the Student/Family Expected to Contribute? – Free Application for Federal Student Aid (FAFSA) 3. How Much Financial Aid Does a Student Receive?

(COA) Cost of Attendance Estimate of a Student’s Expenses for the Period of Enrollment Guidelines Provided by CCHE, in Accordance with Federal Regulations COA Components Adjusted Annually

Cost of Attendance Components Tuition and Fees Room and Board Books and Supplies Transportation Medical Personal

The Cost of Attendance (COA) College of Arts & Sciences ( ) UCB*UCDHSC- Downtown UCCS Tuition and Fees$ 4,451$ 3,978$ 4,148 Room and Board$ 7,564$ 7,236$ 7,242 Books/Supplies$ 1,187 Medical$ 1,692 Transportation$ 576 Personal$ 1,044 TOTAL$16,514$15,713$15,889 *Costs reflect an undergraduate, resident student. Non-residents are similar with a higher tuition.

Expected Family Contribution Financial Aid Application/Eligibility (FAFSA) Free Application for Federal Student Aid determines Eligibility (EFC) Expected Family Contribution: Amount the Family is Expected to Contribute – Based on income, assets, # in household, # of students in college and other factors

Applying for Financial Aid High School Counselors CU Catalog CU High School Presentations CU Admission Applications Admissions & Financial Aid Publications Admissions & Financial Aid Web Sites CU for a Day Presentations Orientation Programs Presentations to Academic Programs s to Continuing Students CU PLUS & Student Portal (Boulder)

Need = COA – EFC Types/Sources of Aid Grants/Gifts (including scholarships) – Federal, State, Institutional, Private Work – Federal, State, Institutional Loans – Federal, Institutional

Financial Aid Package (COA) Cost of Attendance - (EFC) Expected Family Contribution = Need - Financial Aid (Grants, Work, Loan) =Unmet Need

Student AStudent B (COA) Cost of Attendance $16,514 - (EFC) Expected Family Contrib ,100 =Need=$16,314=$12,414 Financial Aid Package: - Federal Pell Grant $3,900 $ 0 - State or Institutional Grant $3,900 $ 1,150 - Private Scholarship $ 500 $ Work-study $1,800 - Federal Perkins Loan $4,000 $ 0 - Federal Stafford Loan $2,214 $ 2,625 =Unmet Need= 0=$ 6,639 Financial Aid Packaging Examples Undergraduate/Resident/A&S

Unmet Need = $0 - Total Aid $16,314 - EFC $200 Meeting the Cost of Attendance Cost of Attendance =$16,514 Unmet Need = $6,639 - Total Aid $5,575 - EFC $4,100 Student A Student B