What You Need to Know About Financial Aid 2021-2022
What You Need to Know About Financial Aid
2021-2022
Topics We Will Discuss Tonight
What is financial aid? Cost of attendance (COA) Expected family contribution (EFC) Financial need Categories, types, and sources of financial
aid Free Application for Federal Student Aid
(FAFSA) Special circumstances
What is Financial Aid?
Financial aid consists of funds (scholarships, grants, loans, workstudy) provided to students and families to help pay for postsecondary educational expenses.
What is Cost of Attendance (COA)?
COA includes:
? Tuition & Fees ? Room & Board ? Books & Supplies ? Transportation ? Personal Expenses
Direct v. Indirect Costs COA Varies widely from college to college
What is Expected Family Contribution (EFC)?
Amount family can reasonably be expected to contribute
Stays the same regardless of college Two components
? Parent contribution ? Student contribution
Calculated using data from a federal application form and a federal formula
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