Financial Aid Question

Colleges & Universities A-Z University of Chicago ✅
1

<p>I was looking at <a href="http://collegeaid.uchicago.edu/prospective/average_aid.shtml%5B/url%5D"&gt;http://collegeaid.uchicago.edu/prospective/average_aid.shtml&lt;/a> and was wondering what financial aid really is. Since I'm an international student, most of this doesn't apply to me (actually none of it), but I'm still curious. </p>

<p>When you get your financial aid award, what does the figure mean? Let's say I get $30,000 aid. Is this simply free money? Is the amount that I need to take out in loans included in this figure? How about the amount I am expected to earn from working in the summer/term? </p>

<p>And that would mean that your EFC is something like $15,000 correct? </p>

<p>Thank you.</p>

2

<p>"Aid" in general = free money+loans+work study.</p>

<p>When you get your award they break it down in a list... Everything that says "scholarship" or "grant" is free money. The other awards (loans, work study) will be labeled accordingly.</p>

<p>If estimated cost of attendance is $45k, and you get $30k, then at a school that meets 100% of your need, yeah, your EFC would be $15k. But not all schools guarantee to meet 100% of your need.</p>

3

<p>Is there a particular method the schools uses to balance the amount of free money and loans?</p>

4

<p>Probably, but I don't think they're telling us. :-)</p>