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Financial Aid 101

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What goes into my Financial Aid Package?

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Financial Aid 101

  1. 1. Financial Aid 101What goes into my Financial Aid Package?
  2. 2. First things first.How much is college going to cost?There are two components to this: Direct Costs & Indirect Costs.
  3. 3. Direct Costs are those that arebilled directly by the University. Tuition Fees + Room & Board (if applicable) Direct Costs
  4. 4. Indirect Costs are the other miscellaneousexpenses involved with attending college. Books Transportation + Etc. Indirect Costs
  5. 5. Together, these two components make up the total Cost of Attendance. Direct Costs + Indirect Costs Cost of Attendance (COA)
  6. 6. Next, you need to determine howmuch you can contribute toward this Cost of Attendance.
  7. 7. The data you provide on the FAFSA is used tocalculate the amount you are expected to contribute. Parent Contribution+ Student Contribution Estimated Family Contribution (EFC)
  8. 8. The gap that’s left between what you are expected tocontribute and the total cost is called “Financial Need.” Cost of Attendance- Estimated Family Contribution Financial Need
  9. 9. Financial Aid is what helps you fill that gap.There are 3 types of Financial Aid:  Need-based  Merit-based  Non-need-based
  10. 10. The first type of aid is determined solely by Financial Need. Need-based Grants (Federal, State, and CLU Grants) Federal Work Study Loans (Stafford Subsidized Loan, Perkins Loan)
  11. 11. The second type of aid is determined by a student’s academic accomplishments, not Financial Need. Merit-based Scholarships (CLU and Outside Scholarships)
  12. 12. The final type of aid is available to all students, regardless of Financial Need or academic accomplishments. Non-need-based Loans (Stafford Unsubsidized Loan, PLUS Loan, Alternative Loans)
  13. 13. The Financial Aid Package consists of all or any of these.Need-based Merit-basedNon-need-based
  14. 14. “How do I get started?” Fill out the FAFSA and use CLU’s code:

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