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Financial Aid Basics
Transcript of Financial Aid Basics
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
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.
Amount of Financial Aid
Students apply for and don't need to repay
Come in all shapes and sizes
merit, need, athletic, community service, etc...
Mostly due in spring of Senior year
We give away around $50,000 annually to UM students!
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)
Blue and Gold
Repay 6 months after stopping school.
Subsidized - Federal
Government pays interest while in school
Unsubsidized - Federal
Parent Plus - Federal
Prior-Prior year taxes!