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EXPECT A FINANCIAL AID OFFER The colleges listed on your FAFSA will notify you of the types and amounts of financial aid they’re offering. You will only receive offers from colleges that accepted you for admission. Accept or decline the financial aid offer by the deadline.
Colleges use this “financial need” formula to calculate how much to award in financial aid:
COST OF EDUCATION (tuition, fees, books, living expenses) – STUDENT AID INDEX (your FAFSA results) = YOUR FINANCIAL NEED
Colleges will award as much of the “financial need” amount as possible. This could be a combination of scholarships, grants, work-study, and loans.
FINANCIAL AID FORMULA EXAMPLES
COMMUNITY COLLEGE
FOUR-YEAR PUBLIC
FOUR-YEAR PRIVATE
Tuition & fees
$3,600
$8,700
$33,000
Books & supplies
1,500
1,100
1,100
Housing & Food
8,800
11,500
10,500
+ Personal & transportation
2,800
3,700
3,900
= Cost of Education
$16,700
$25,000
$48,500
- Student Aid Index*
-11,000
-11,000
-11,000
= Financial Need
$5,700
$14,000
$37,500
* Student Aid Index (for one year) is based on a family of four, one in college, $85,000 income.
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