After receiving an award letter from a school, you may wonder how the award was calculated.
The school computes your financial aid award from the information you provided in the Free Application for Federal Student Aid (FAFSA).
After you submitted the FAFSA, the Department of Education sent you a Student Aid Report (SAR).
The SAR, in turn, listed an amount called the Expected Family Contribution (EFC). The federal government determines how much a typical family is expected to pay toward a college education. The Federal EFC Methodology considers money that students and parents earned in the previous year and family assets when the student applies for aid.
The school subtracts the EFC from the cost of attendance (tuition, room and board, textbooks, transportation, and personal expenses) to determine financial need and the amount of your award.
Factors schools consider when awarding financial aid:
- Cost of attendance
- Family income
- Family size
- Number of family members in college or graduate school at the same time
- Family assets
- Scholarships or grants not received through the school
- Major field of interest
- Athletic abilities
- State or city
Learn about available options if the financial aid
offered is not enough
to cover your college costs.
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