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Financial Aid Basics

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by

LeeAnn Galbraith

on 6 February 2017

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Transcript of Financial Aid Basics

COA - EFC = Unmet Need
Cost of Attendance
Cost of Attendance = total cost for a student to attend college for one year
Tuition and fees
Books and supplies
Board and Room
Personal Expences
Transportation costs
Expected Family Contribution
The 'Expected Family Contribution' is the amount that the government expects you to contribute annually to your child's education
Calculated via the FAFSA (Free Application For Federal Student Aid)
Apply between October and March of your child's senior year - and annually thereafter until your child turns 24, is married, or has completed a bachelor's degree.
20,000
25,000
-
5,000
=
COA
EFC
Unmet Need
Amount of Financial Aid
Scholarships
Students apply for and don't need to repay
Come in all shapes and sizes
mini-competitions
merit, need, athletic, community service, etc...
Mostly due in spring of Senior year
We give away around $50,000 annually to UM students!
Grants
Free money that you don't have to repay.
FAFSA - Federal (Pell, and SEOG)
CalGrant - State Aid
Cal Grant A = Tuition support
Cal Grant B = Books and supplies
Cal Grant C = Trade Schools
GPA Qualifier (Financial info from FAFSA)
University Grants
Blue and Gold
BOG
CSU Grant
Loans
Repay 6 months after stopping school.
Subsidized - Federal
Government pays interest while in school
Unsubsidized - Federal
Interest accrues
Parent Plus - Federal
Private Loans
Prior-Prior year taxes!
Full transcript