Student financial aid is designed to assist students with their educational costs. It is available to students in the United States and is used to help cover the cost of tuition and other educational expenses. This type of financial assistance varies from school to school and can be a significant help when it comes to meeting the costs of your education.
Financial aid is calculated based on a number of factors, including your family’s income and assets, your expected family contribution (EFC), and the cost of attendance (COA). The EFC is the amount of money your family can afford to pay for school, and it is used to calculate the amount of need-based aid that you are eligible for.
The type of financial aid you receive will depend on your financial need, but there are grants and scholarships available for students with low-income. These funds do not have to be repaid after graduation, unlike loans, which must be repaid with interest. To qualify for these grants, you must fill out the Free Application for Federal Student Aid (FAFSA) form.
The Cost of Attendance is the estimated budget of the student. It includes direct and indirect expenses, such as room and board, allowances for books and supplies, transportation, loan fees, and miscellaneous expenses. Financial aid is not awarded above the cost of attendance, so it is important to estimate all expenses. If you are unsure of your exact expenses, contact the financial aid office for more information.