Where Did They Get These Numbers?
Where Did They Get These Numbers?
You’ve received your award letter(s) from the school(s) to which you have applied. But now you are unsure about how they calculated everything to get the figures they have given you.
Well, there is an awards formula. The FAFSA is computed based on the formula that has been set up according to the federal government’s interpretation of the costs of college versus your household’s income and expenses. According to this calculation, it is determined what your family should be able to contribute to your college education and how much help the federal government can give. After the calculation was made, these figures should have come to you in the form of the Student Aid Report (SAR). This is based on the family and student’s assets that were earned in the year before you filled out the FAFSA.
The colleges to which you have applied will then take the Expected Family Contribution (EFC) and subtracts that number from the cost of attending their college for one year. This cost of attendance should include all of your expenses for the year of schooling. This would be tuition, room and board, estimated cost of textbooks you will need, and personal miscellaneous expenses. So, if the cost of attending your chosen college for one year is $12,000.00 and your family is expected to be able to contribute $4,000.00 then your needed help would be $8,000.00 for the year.
When calculating the financial aid they will offer to help with the remainder of the $8,000.00 that you need to pay for college for the coming year, colleges take several factors into account. The size and income of your family as well as how many students are enrolled in college or graduate school at the same time. They will look at your family assets, as well.
If you have received scholarships or grants from organizations outside the college, (and you have already let them know of the award(s)) they will figure this money into the awards formula, as well.
Sometimes, your chosen field of study will influence the formula, giving you an extra percentage off of the bill. Is you are athletically or musically inclined and would be willing to work in their traveling athletics or music program, the college may give you an extra scholarship as well.
If the financial aid that is offered still does not seem to be enough for you and your family, there are other options. Do not give up or get discouraged but pursue those options as well.