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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
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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).
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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
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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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