Financial Aid Basics

Cost of Attendance (COA)


Direct Costs
- Tuition and Fees
 
Indirect Costs
- Food & Housing
- Books, supplies, course materials & equipment
- Other Expenses
  - Transportation
    - Several economy-class round-trip air/train/bus fares between the student's home and the college
    - Local public transit fares
    - Parking, tolls for bridges and highways
    - Costs of maintaining a car for commuters
  - Miscellaneous personal expenses (at least a half-time basis) 
  - Study-Abroad Expenses
  - Cooperative Education costs
  - Dependent care
  - Disability-related expenses
  - Education loan fees (student or the parent of the student) 
  - Professional licensure, certification, or a first professional credential
 
Total Cost of Attendance = Direct Cost + Indirect Cost 
 
Net Price = Total Cost of Attendance - Gift Aid (Grants and Scholarships)
 
* The Net Price Calculator is provided in college websites. 
 

Types of Student Financial Aid


Gift Aid
  Need-based Aid

   - Federal Gift Aid
     • Pell Grant
     • Iraq and Afghanistan Service Grants
     • Supplemental Educational Opportunity Grant (FSEOG)
     • TEACH Grant (Teacher Education Assistance for College and Higher Education)
   - State Grants
   - Institutional Grants

  Merit-based Award
   - Scholarships

Self Help

  Loans

   - Federal Direct Loans
     - Subsidized - interest does not accrue during enrollment
     - Unsubsidized - interest accrues during enrollment / repayment delayed
   - Health Professions Student Loans
   - Institutional Educational Loans
   - Private Lender Education loans

  Work Study

Direct PLUS Loans (not financial aid - a financing vehicle for the family contribution)
 - Federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school

Financial Aid Application & Delivery Flow

Official financial aid decisions are not issued until the student is accepted for admission. 
Students should apply for financial aid concurrently with admission applications - by submitting Free Application for Federal Student Aid (FAFSA).
They should not wait until their acceptance – it may be too late!
 
1. The student applies to college(s).
 
2. Student and parent(s) each get a Federal Student Aid ID (FSA ID). 
   The FSA ID is not required to file a FAFSA, but it is considered a legal electronic signature for electronic FAFSA filers. The FSA ID also serves as an identifier to give the student access to his/her personal information in various U.S. Department of Education systems. Because the FSA ID serves as an electronic signature and provides access to personal information, the FSA ID should not be shared with anyone, including financial aid administrators. Getting an FSA ID can be done at any time. It must be done on line.
 
3. Student/parent collect information & complete forms.
 
4. Student completes the Free Application for Federal Student Aid (FAFSA) after October 1st for the next award year.
   For example, for enrollment in the 2023-24 award year, file the FAFSA after October 1, 2022.
The FAFSA will request tax information from the 2021 calendar year. This is called using 'prior/prior' year.
Allow 2-3 weeks for processing of a web-based FAFSA and 4-6 weeks for the paper FAFSA. 
Students should be encouraged to file electronically. The FAFSA website is highly secure and the electronic process provides more help and access to the IRS Data Retrieval system for the transfer of tax data to the FAFSA.
If the FAFSA is filed in paper format, it is mailed to the FAFSA processor for data entry. 
After data entry, the data is submitted to the Central Processing System (CPS). If the FAFSA is filed electronically, it goes directly to the CPS. Once processed by the CPS, the data is sent to the colleges. 
DRN or Data Release Number refers to your unique 4-digit code on the FAFSA confirmation page and your Student Aid Report (SAR). The 4-digit code ensures your identification. You can use the DRN when you want to change something in your FAFSA form, including your permanent address, the schools you are sending the FAFSA to, and your phone number.
 
5. Student submits other forms such as CSS PROFILE and/or institutional applications as required by the institutions.
   The student should check each institution's filing dates and form requirements.
Not all institutions use their own form or the CSS PROFILE but all use the FAFSA.
 
6. The student receives a Student Aid Report (SAR) from the federal processor in the form of a personal URL or a paper document if no email address is available on the FAFSA. 
   This output document records the information submitted by the student. 
It should be reviewed for accuracy and kept in the student's personal FA file. 
It is not necessary to send the SAR to colleges.
 
7. Colleges receive data electronically from the FAFSA processor and/or the College Board (for CSS PROFILE).
   Families may submit additional information directly to colleges. 
This may take the form of personal statements or related documentation of special circumstances (i.e. medical expenses). Colleges analyze the data and respond with a decision, awarding or denying assistance. The student has the right to appeal for need-based aid.
 
8. The student accepts or rejects the aid. The student makes an enrollment decision.
 
More info on:
 

Scholarships

Scholarships are free money that you do not have to pay back. They can come from the federal or state government, a college, or a private organization.

You can check out these resources for finding scholarships:

  • Finding scholarships: This resource provides tips to guide your scholarship search.
  • BigFuture: Explore scholarships by education level, academic criteria, or personal interests. They also offer scholarships for completing steps in the college application process, like building your college list or submitting applications.
  • CareerOneStop: Explore scholarships by state, including state grants. State grants are funds offered by your state government to make college more affordable.
  • EduPass: Find scholarships for international students.
  • TheDream.US: This program can help you find scholarships for undocumented students. They help students who are living in the U.S. without an active visa who are not permanent residents or U.S. citizens.

 

State Financial Aid

 

You can look up your state grant agency to explore financial aid opportunities provided by your state government. You may be eligible for state financial aid even if you’re not eligible for federal aid.