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The Solution Center

Learn about financial aid, including the cost of attendance, expected family contribution, demonstrated financial need, and types and sources of aid.

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The Solution Center

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Presentation Transcript

  1. The Solution Center The Financial Aid Award Package

  2. Objective What you will learn? • What is Financial Aid • Cost of Attendance (COA) • Expected Family Contribution (EFC) • Demonstrated Financial Need • Types & Sources of Aid

  3. What is Financial Aid • Funds supplied by a source other than the family to assist with postsecondary educational costs and expense • Funds may come from federal, state, institutional, and private sources • Funds may come in the form of grants, scholarships, waivers, loans, and student employment

  4. Cost of Attendance (COA) • The Cost of Attendance (COA) is the standard amount the school estimates it will cost a student to attend for one academic year. COA includes both direct costs (billed) and indirect costs (not billed). Direct Costs: • Tuition & Fees • Room & Board (On-campus) Indirect Costs: • Tuition & Fees • Room & Board (Off-campus) • Transportation • Books • Misc Expenses

  5. Expected Family Contribution (EFC) • The Expected Family Contribution (EFC) is a number that is used to determine a student’s eligibility for federal student aid • The EFC is calculated from the financial information provided on the FAFSA • The EFC represents how much the family can reasonably contribute towards the student’s COA from past, present, and future earnings/resources • The EFC is subtracted from the COA to determine the student’s demonstrated financial need

  6. Demonstrated Financial Need Cost of Attendance (COA) - Less Expected Family Contribution (EFC) = Equals Demonstrated Financial Need Formula: COA – EFC = Need Important: • Need based aid cannot exceed need • Need & Non-need based aid cannot exceed COA

  7. Types & Sources of Aid • Four Primary Sources of Aid: • Federal government • State government • Institutional • Private sources • Financial Aid Types: • Grants, Scholarships, and Waivers • Student Employment • Loans

  8. Grants, Scholarships & Waivers • “Gift Aid” - money that does not have to be repaid • Grants– usually awarded on the basis of financial need • Scholarships - usually awarded on the basis of merit • Waivers – awarding criteria varies

  9. Educational Loans • Loans must be repaid • Federal student loans are not based on credit, with exception of Grad Plus Loan • Private loans and Federal Grad/Parent Plus Loans are credit based • UML strongly recommends that students exhaust federal student loan options before borrowing from other sources

  10. Student Employment • Allows student to earn money to help pay educational expenses • Awarded based on need as part the student’s financial aid package • UML Student Employment Programs pay $10-$12 per hour

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