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The Breakdown of Financial Aid

WARNING.

Discussion TopicsWhat is financial aid?Cost of AttendanceExpected Family ContributionFinancial NeedTypes of Aid Filling out the FAFSA (FREE Application for Federal Student Aid)Special CircumstancesMikes Tips

What is Financial Aid?Assistance to help make college more affordable for you and your familyMoney designed for educational expenses

What Financial Aid is not

How Refund Checks Work$25,000Cost of Attendance 20,000 Tuition/Room and Board=*$5,000Refund Check

*Based off of a full financial aid packageCost of Attendance(COA)Direct costs are the costs billed directly to your student account Tuition & FeesRoom & BoardBilled twice a year

Cost of Attendance(COA)Indirect Costs:Books/SuppliesPersonal/MiscellaneousTransportation

Will vary depending on student and what school they attend but these are all costs we expect you to incur while in college. Ways to make indirect costs smaller decrease meal plan, stay in a residence hall with more than one roommate, rent books or buy them online as opposed to the bookstore8Sample Cost of Attendance(COA) In State Outof-StateTuition & Fees$10,280 $29,540Room & Board$7,986 $7,986Books & Supplies$1,362 $1,362Pers/Misc$2,340 $2,340Total $21,968* $41,228*

*This is the maximum amount of financial aid you can receiveFinancial Aid cannot exceed COA9Costs of Attendance 2012-2013Wayne County Community College $9,314Saginaw Valley State University $18,072Wayne State University $22,390Michigan State University $24,670University of Michigan-Ann Arbor $25,848University of Wisconsin $41,054University of Chicago $61,390Harvard University $62,950

Cost of Attendance TriviaTRUE or FALSE

Cost of Attendance at a university will be the same for each incoming freshman.

FALSEQuestions????

Expected Family Contribution (EFC)The amount a family is expected to contribute to their childs education.Federal formula determined by information provided on FAFSA Parent contribution + Student contributionEFC will be the same for each school Can range anywhere from 0-99,999Auto 0 EFC if receiving any form of gov assistance AND income