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Financial Aid: Packages

Grants and Scholarships

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Sample College Financial Aid Package

Sample College Financial Aid Packages 2009-2010
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)
1. Parent Income
$20,000

$40,000

$60,000

$80,000

 
Number of Family Members
4
 
4
 
4
 
4
 
 
Number of Children in College
One

One

One

One

 










 

Family's College Choice
Annual College Cost
(includes tuition, room, board, books,& transportation and personal expenses)

$46,500

$15,000

$23,000

$30,000

 
2a. Expected Family Contribution
(EFC) from FAFSA Data*


$0


$960


$4,163


$9,398

 
2b. Minimum Student Contribution (determined by college)
$1,800


$900

$900

$900

 

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


$44,700


$13,140


$17,937


$20,602


 

5. Colleges' Financial Aid Packages to Help Meet Family's Need:
a. Grant from the Private College
$30,850

$2,393
 
$10,000
 
$14,602

 
b. NYS TAP Grant
5,000

3,780

1,380

500

 
c. Federal Pell Grant
5,350

4,400

1,200

0

 
d. Federal SEOG Grant
1,000

0

1,000

0

 
e. Federal Work-Study
1,800

1,000

857

2,000

 
f. Federal Perkins Loan
700

0

0

0

 
g. Federal Stafford Loan or Direct Loan
0

1,567

3,500

3,500

 










 
h. Total Financial Aid Package


$44,700


$13,140


$17,937


$20,602


 
* Assumes student income is less than $2,500 in 2008.

Note: Based on 2009-10 federal methodology and 2009-10 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
1. 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
2a. The calculated EFC determined from the family’s unique FAFSA data, plus
+
2b. A minimum Student Contribution from the student’s summer earnings, savings, etc. (this will be specific to each college).
The College’s Cost
3. 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
4. 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
5. Each college’s financial aid package may include all or some of the types of aid below:
a. Grants and Scholarships from New York State's private colleges and universities
b. NYS TAP Grant*
c. Federal Pell Grant
d. Federal SEOG Grant
e. Federal Work-Study
f. Federal Perkins Loan
g. Federal Stafford Loan
h. 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
 
Affordable Choice Outreach Programs
17 Elk Street, PO Box 7289, Albany, NY 12224
Phone: (518) 436-4781, Fax: (518) 433-8825 or (518) 436-0417
colleges@nycolleges.org
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