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Financial Aid: Packages

Grants and Scholarships

Work Study Programs

Loan Programs

Programs for Parents

Sample College Financial Aid Package Estimated Student Financial Aid
Read down each column for different family financial circumstances and college choices.

Financial aid form data is used to calculate
a family's financial need

Family's Situation (4 Different Families)
Parent Income
$20,000

$40,000

$60,000

$80,000
Number of Family Members
4
 
4
 
4
 
5
Number of Children in College
One

One

One

One









Family's College Choice
Living on Campus   Commuter   Living on Campus   Living on Campus
Annual College Cost
(includes tuition, room, board, books,& transportation and personal expenses)
$40,000

$15,000

$50,000

$35,000
Expected Family Contribution
(EFC) from FAFSA Data

$0


$697


$3,815


$6,849

Annual College Cost Less Family's EFC
Family's Need

$40,000


$14,303


$46,185


$28,151


Colleges' Financial Aid Packages to Help Meet Family's Need:
Grant from the Private College
$24,450

$5,783
 
$39,665
 
$22,151
NYS TAP Grant
5,000

3,420

1,020

500
Federal Pell Grant and/or SEOG
5,550

4,100

0

0
Federal Work-Study
1,500

1,000

2,000

2,000
Federal Loans (Stafford and/or Perkins)
3,500

0

3,500

3,500








Total Financial Aid Package

$40,000


$14,303


$46,185


$28,151

Note: Based on 2012-13 federal methodology and 2012-13 TAP and Pell schedules; parent age 45; two parents working. Merit scholarships not based on need are often available. Check college's requirements. Students not qualifying for a need-based Subsidized Stafford Loan may borrow through the Unsubsidized Stafford Loan program.

Elements of a College Financial Aid Package

Consideration of Family’s Unique Information
Analysis of data from the student’s FAFSA results in an Expected Family Contribution (EFC) – a calculated amount that the family can reasonably contribute toward college costs. Income is just one of several variables considered in the federal formula.

The Family’s Contribution
The calculated EFC determined from the family’s unique FAFSA data, plus
+
A minimum Student Contribution from the student’s summer earnings, savings, etc. (this will be specific to each college).

The College’s Cost
The annual Cost of Attendance (COA) includes cost of tuition, estimated fees such as an activities fee and any mandatory insurance, room and board, an estimate for books, an estimate for transportation, and an estimate for personal expenses.

Putting a Package Together: Family’s Need for Aid
The college subtracts the family’s EFC from the COA and arrives at the family’s need (COA – EFC = NEED) for federal financial aid programs, some state programs, and in some cases, for the college’s own aid. Note: Colleges that request another financial aid form in addition to the FAFSA do so to look more closely at the family’s financial situation before awarding institutional aid (aid from the college itself).

Family’s Financial Aid Package from the College
Each college’s financial aid package may include all or some of the types of aid below:

Total Financial Aid Package: Depending on the college and the amount available for grants or scholarships from the college’s own funds, the total financial aid package may cover all of the family’s need or may leave an amount not met by the aid programs listed above, called “unmet need.” If this occurs, there are other alternatives families may wish to consider such as those described on Programs for Parents page.

Note: Other state, federal or private grants or scholarships may be available but are not reflected in the sample packages.

*For NYS resident students only

cIcu has produced free guidebooks and other helpful publication on admissions and financial aid (state and federal) for more than 30 years. Supported by our members and through private and public funds, these resources are distributed in print free of charge to hundreds of thousands of students and families annually, and made available electronically to countless others on this web site.

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