Paying for College
Financial Aid
Financial aid is simply money provided to students to help pay for postsecondary education. Financial aid can be borrowed, earned, or awarded depending on your circumstances and school of attendance.
Types of Financial Aid
Scholarships
Grants
Loans
Other Financial Aid Programs
Financial aid can be awarded by:
- State agencies
- Federal agencies
- Colleges and universities
- Organizations and corporations
- Individuals
- Civic and religious groups
Eligibility for financial aid is based on financial need, academic achievement, ability, or academic major.
Financial need is determined by the following calculation:
Cost of Attendance - Expected Family Contribution = Financial Need
Your cost of attendance (COA) is determined by your school and includes: tuition and fees, room and board, books and supplies, and other school related expenses such as personal and travel expenses.
Your expected family contribution (EFC) is what the federal government expects you and your family to contribute toward your educational expenses based on a standard federal formula. Your EFC is:
QUICK TIP: Different types of financial aid have different eligibility requirements, award amounts, application forms, and application deadlines, so pay close attention during your research. |
Want to know more?
There are several free tools that you can use to better understand the costs of attending the schools in which you are interested. Two good ones are:
