AIE — Adventures In Education

College Students

Applying for Financial Aid

Apply for money that is available to help cover college expenses.

So you're going to college? Need money?

Here's one way you might be able to get some:

By completing and submitting a FAFSA, you supply the information that financial aid offices and programs use to determine your need for financial aid. FAFSAs are available online or in paper form from schools, in both English and Spanish versions.

After your completed FAFSA is processed, you'll receive a Student Aid Report (SAR) that summarizes the information you supplied on the FAFSA. The information from your FAFSA will be sent to the schools you listed on the form, and the schools will send you an award letter identifying any aid for which you qualify.

COA - EFC = NEED

How much financial aid you need depends on two things: your school's Cost of Attendance(COA) and your Expected Family Contribution (EFC).

Although they might look like instant messaging notes, COA and EFC are really financial aid terms. EFC is your Expected Family Contribution (EFC)— the amount of money your family can be expected to contribute to your education. COA is the Cost of Attendance at a specific school.

When you apply for financial aid, your EFC is subtracted from your COA. The result is the amount of financial aid you need to pay for your education. Once a school knows what that is, the financial aid office can put together a package of financial aid to help you meet expenses.

Cost of attendance includes such things as tuition and fees, books and supplies, room and board, personal expenses (clothing, laundry, and recreation), and transportation.

EFC is based on all kinds of family data, like household size, income, assets, and the number of dependent children enrolled in college.

If you or your family have special circumstances, like unusual medical expenses, that suggest your need is greater than your EFC seems to indicate, contact your school's financial aid administrator. You might be able to get some special help.

See also

«  Types of Aid  Top ^  FAFSA  »
Student Loan Inquiry

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