Congrats on being accepted! Now let's talk about the financial aid
portion of college! Below you can find a breakdown of a financial aid
award letter. Schools will send you this AFTER they receive your
FAFSA!
Cost of Attendance = Total Cost for 1 Year at Your School
Direct Cost:
- Tuition and fees
- Room and Board
( What is require to attend class, living and eat on campus! This is a set number)
Indirect Cost:
- Books, materials, supplies
- Personal, travel, misc
- Computer
( This number will change depending on where/what you are spending)
AID DESCRIPTION!
- Loans:
- Federal Stafford Loans ( the most common loan you will qualify for based on your FAFSA)
- Subsidized: Interest on this loan DOES NOT start to accrue until after you are finished with school and your loan payments begin
- Unsubsidized: Interest on this loan STARTS to accrue when you take the loan out
- Federal Stafford Loans ( the most common loan you will qualify for based on your FAFSA)
- Scholarships:
- School scholarships, also known as merit scholarships, are based on grades, GPA and your application to the school. The money is coming from the institution. ( This is Free money, you do not have to pay it back!)
- State scholarships, or local/national scholarships, are scholarships from your school, city, or state that you qualify or have applied for. ( This is also Free money, you do not have to pay it back!)
- Grants:
- Federal Pell/ FSEOG Grant, this is free money that comes from the federal government. You do not have to pay this back. This money is from completing the FAFSA and the information you provide on the application.
- Federal Pell/ FSEOG Grant, this is free money that comes from the federal government. You do not have to pay this back. This money is from completing the FAFSA and the information you provide on the application.
- Federal Work- Study:
- Federal work-study: Students can work a part-time job while in school to assist with earning money to pay for the cost of attendance. Many on- campus jobs look for students that have a federal work-study. You qualify for a federal work-study job based on the information on your FAFSA.