Handbook: Preparing Your Child for College
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Need-Based Financial Aid
| CHART | ||||
| The amount of need-based financial aid a student qualifies for depends on his or her financial need. Financial need is equal to the cost of education (estimated costs for college attendance and basic living expenses) minus the expected family contribution (the amount a student's family is expected to pay, which varies according to the family's financial resources). | ||||
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Cost of Education |
Expected Family Contribution |
Financial Need |
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|---|---|---|---|---|
| Includes costs of Tuition Fees Room Board Books Supplies Transportation |
- | Based on the financial resources of a student and his or her family | = | Students can receive up to this amount of needbased financial aid, such as Pell Grants and Stafford Loans. |
To give you a better idea of how you can finance your child's college education, examples of two college students' financial aid packages are shown below.
Note that these financial aid packages are just examples of the kinds of packages that students with these profiles might receive if they attended the schools described below.
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PROFILE 1-FIRST STUDENT |
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Family income: $20,000 |
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| 2-year public | 4-year public | 4-year private | |
|---|---|---|---|
| College Cost | $6,400 | $10,500 | $22,500 |
| Expected Family Contribution | $0 | $0 | $0 |
| Parent | $0 | $0 | $0 |
| Student | $0 | $0 | $0 |
| Pell Grant | $3,000 | $3,000 | $3,000 |
| SEOG | $500 | $800 | $1,000 |
| Federal Work Study | $1,300 | $1,300 | $1,300 |
| Perkins Loan | $0 | $0 | $1,500 |
| Stafford Loan | $0 | $2,625 | $1,500 |
| State Grant | $1,100 | $1,600 | $1,600 |
| Institutional Grant | $500 | $1,175 | $11,475 |
| Parent Loan | $0 | $0 | $0 |
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PROFILE 2-SECOND STUDENT |
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Family income: $40,000 |
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| 2-year public | 4-year public | 4-year private | |
|---|---|---|---|
| College Cost | $6,400 | $10,500 | $22,500 |
| Expected Family Contribution | $1,727 | $1,727 | $1,727 |
| Parent | $1,477 | $1,477 | $1,477 |
| Student | $250 | $250 | $250 |
| Pell Grant | $1,273 | $1,273 | $1,273 |
| SEOG | $0 | $0 | $1,000 |
| Federal Work Study | $0 | $1,300 | $1,300 |
| Perkins Loan | $0 | $1,500 | $1,500 |
| Stafford Loan | $1,300 | $2,625 | $2,625 |
| State Grant | $1,100 | $1,200 | $1,600 |
| Institutional Grant | $1,000 | $875 | $6,475 |
| Parent Loan | $0 | $0 | $5,000 |
| PREV: Save $10,000 | { CONTENTS } | NEXT: Savings and Investments |
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