THE INS AND OUTS OF FINANCIAL AID

PAYING FOR COLLEGE

Tuition & Fees

Room & Board

Transportation

Books & Supplies

Miscellaneous Living Expenses

Cost of Attendance (COA)

What are the costs?

Financial aid refers to specific borrowed, given, or earned money that can be obtained from various sources to help pay for college.

It is intended to make up the difference between what your family can afford to pay and what college costs. 

What is financial aid?

How Much Aid Do I Get?

Cost of Attendance

(COA)

ExpectedFamily

Contribution

(EFC)

FinancialNeed- =

Three Examples

College

A

COA(Cost of

Attendance)

EFC(Expected Family

Contribution)

Financial Need

$3,000$10,000 $7,000

$3,000$20,000 $17,000

-

-

=

=

$3,000$35,000 $32,000- =

College

BCollege

C

The Official Site for AidFAFSA.ED.GOV

The FAKE Site for AidFAFSA.COM

Never Pay for Scholarships

Talk to Your Counselor

If you have to pay money to get money, it's probably a scam!

In general, be wary of scholarships with an application fee, scholarship matching services who guarantee success, advance-fee loan scams and sales pitches disguised as financial aid "seminars".

If you ever have questions about if a scholarship offer is legitimate, talk to your counselor

The only financial aid that has a fee is the CSS profile

Scams to Avoid!

Every college website must have one but you might need to search for it. Know now approximately how much grant aid and loans you will receive.

The best source of scholarship money will most likely be your child’s “safety” schools.

Colleges are not required to meet full demonstrated need. Some do but most do not.

The Net Price Calculator

How much is it really going to cost?What institutional money might be available?

Determine estimated costs up front before your child applies to and is accepted at a college that is beyond your family’s ability to pay.

Emerson College Boston University

Family Income: $70,0003 children, married joint filing

Emerson Grant: $23,000Federal Pell Grant: $2,995 Direct Subsidized Loan : $3,500Direct Unsub Loan: $2,000Perkins Loan: $2,000Work Study: $1,500

Total Aid: $34,995Total Cost: $54,894

Family Will Need to Pay: $19,899

Family Income: $70,0003 children, married joint filing

Federal Pell Grant: $2795Direct Subsidized Loan: $3500

Direct Unsub Loan: $2,000

Total Aid: $8,295Total Cost: $61,476

Family Will Need to Pay: $53,181

Actual Aid Packages

Fairfield University Babson College

Family Income: $99,8002 children, married joint filing

Merit Scholarship: $11,500Tuition Grant: $10,250 Direct Subsidized Loan : $3,500Direct Unsub Loan: $2,000Perkins Loan: $2,000

Total Aid: $36,895Total Cost: $58,730

Family Will Need to Pay: $21,835

Family Income: $76,1002 children, married joint filing

Babson Grant: $45,000Direct Subsidized Loan : $3,500Direct Unsub Loan: $2,000Work Study: $2,200

Total Aid: $52,700Total Cost: $60,494

Family Will Need to Pay: $7,794

Actual Aid Packages

I Have More Questions

www.studentaid.ed.gov Information about aid programsFree scholarship searchFree college search

1-800-4-FED-AIDInformation about aid programs Help with the FAFSA