COA
What is the definition of Cost of Attendance?
•an estimated budget for each of your schools,
What does EFC stand for?
Expected Family Contribution
What type of gift aid is earned by NEED only?
Grants
What is a loan interest?
What is work study?
Federal Work-Study is a government program that provides part-time jobs for undergraduate and graduate students with financial need
What are the 5 expenses of Cost of Attendance?
including tuition/fees, room/board, books/supplies, transportation, personal expenses
What formula do you need to calculate Financial Need?
COA - EFC
What type of gift aid is earned by MERIT or NEED?
Scholarships
What are the three types of Federal Loans?
Unsubsidized loans
Subsidized loans
Parent Plus Loan
What is a payment plan?
Payment Plans are a convenience to help you manage college expenses. Instead of paying your college bill for a semester or quarter at once, you pay in monthly installments.
Is "Transportation" a direct or indirect cost?
Indirect cost?
What information is used to calculate your EFC for the 2022-2023 year?
The FAFSA uses your parent's income and your own income from the year 2020
What is a fellowship?
A scholarship that's given so that someone can study or research
What is an unsubsidized loan?
Interest accrues while you are in school
The loan balance is higher when you graduate than when you took out the loan
Do you have to pay your entire bill upfront?
No, you can use a payment plan if the school offers it.
Which of the expenses in Cost of Attendance are determined by the university?
tuition/fees, room/board,
How do you find a student's EFC if it doesn't state it on the Award Letter?
Subtract their Pell Grant amount from the total Pell Grant award possible.
$6495 - ? = EFC
Who can you earn grants from?
–The Federal Government
–The State Government
–The College Or University you are applying to!
What is a subsidized loan?
The government pays the interest while you’re in school!
The amount when you graduate is the same as when you took out the loan
If you are offered work study your first year but deny the aid, can you still do work study when you are a sophomore?
No, you most likely will not get work study the rest of your college career.
How do you calculate the bill for each semester?
Your take the direct costs, subtract loans, scholarships, and grants, then divide by two.
Jasmine is interested in attending Texas A&M. The Cost of attendance at the Texas A&M is $32,026. Jasmine's EFC is 2,895. Based on the information, calculated Jasmine's NEED.
Jasmine's NEED is 29131
Who can you earn scholarship from?
•Scholarships are provided by individual colleges & outside organizations
–Non-profit organizations
•Local Churches or community organizations: ex. Hamman Foundation
–Major Businesses or Corporations
•Ex: Ronald McDonald Scholarship, Dell Scholarship, Rodeo Scholarship
Many private student loans require payments while you are still in school
Private students loans can have variable interest rates, some greater than 18%
Private loans are not subsidized
Interest may not be tax deductible
What is one term of employment for /requirement for work study?
•Earn at least minimum wage, but it could be more
•You can’t work more than your total Federal Work Study Award (example, if you get $1,500 per semester in work study and earn $8 per hour…with 18 weeks in the semester you could work ~11 hours per week)
•Usually must meet satisfactory academic progress (they’ll cut your hours if you’re failing)