College Prep for Juniors and Seniors

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EXPECT A FINANCIAL AID OFFER The colleges you 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.

The colleges use this “financial need” formula to calculate how much to award you in financial aid:

COST OF EDUCATION (tuition, fees, books, living expenses) – STUDENT AID INDEX (your FAFSA results) = YOUR FINANCIAL NEED

Colleges will award you 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

8,500

11,500

10,500

+ Personal & transportation

2,800

3,700

3,900

= Cost of Education

$16,400

$25,000

$48,500

- Student Aid Index*

-11,000

-11,000

-11,000

= Financial Need

$5,400

$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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