When you step on campus, you’ll learn so many things about the school that you just can’t experience by searching it online or going to virtual events. Your Guide to Financial Aid Terminology 2. Check out our article on that process here. If you look everything over and feel that it’s still not financially possible for you to attend any of your schools, you have the ability to appeal your financial aid offers. When you’re comparing financial aid packages from different schools, look for the lowest cost of Cost of Attendance and highest scholarships and grants. Sometimes, they can even cover your full cost of attendance if you get really lucky. Unlike federal or private loans, scholarships and grants never have to be paid back. You can receive them from your school or outside private organizations. Scholarships are awarded for academic achievement, sports, financial need, and many other reasons. This is what you’ll be expected to pay per year. Your net cost is the Cost of Attendance (COA) minus any scholarships or grants you received from your university. On your award package, you’ll see your EFC in the form of federal loans from the government you or your family can take out to help you afford school. Your Expected Family Contribution, also known as EFC, determines how much your family is expected to financially contribute to your education after taking into account their untaxed income, assets, and benefits. ![]() ![]() It includes things such as tuition, room and board, transportation, books, and assorted fees. ![]() Your Cost of Attendance, sometimes abbreviated as COA, is a rough estimate of what it will cost the average student per year to attend without aid, loans, or scholarships factored in. Let’s break down what is found in most financial aid packages and how to apply this to making your decision: There are so many factors that influence how much money a certain school gives you, and it’s important to be able to interpret which school is most affordable for you. You probably received your financial aid package in the mail a few weeks after your acceptance letter came out, complete with complicated language, numbers, and percentages.ĭespite sending in the same application for every school, you most likely received different financial aid packages. If you applied to over 10 schools like me, there is a lot to consider and compare: school size, campus culture, rankings, programs, on-campus activities, location, financial aid packages, and more.Īfter having already committed to college, I am here to help you break down exactly what to do to make a decision you’re confident about. The opinions expressed by the author are their own and do not necessarily reflect the positions, viewpoints, or policies of Niche.Īfter filling out all your applications, writing a million essays, interviewing, and going through the dreaded waiting game, all your college admissions decisions are finally in and it’s time to decide where you want to go. This post is from a student, parent, or professional contributor.
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