<p>Hi Todd,</p>
<p>There are a lot of variables in your scenario so there is really no strraight forward answer.</p>
<p>When looking at schools ,you need to know the following about their financial aid policies;</p>
<p>Does your school meet 100% of your demonstrated need
What is the average financial aid package
What is the average amount of grant/scholarship aid
How much debt do undergraduates of this school carry
Does the school offer merit scholarships (I see you have been accepted to CMU, congratulations. are you eligible for merit $$)
Is the merit money based on maintaining a minimum GPA requirement</p>
<p>You will file the FAFSA :</p>
<p>FAFSA is the government form you need to complete before you can get any government aid. It gives you a data check--are you a criminal, do you owe the government money, have you registered for the draft, have you already gotten an undergrad degree, are you eligible for government money. It gives you your Expected Family Contribution, the EFC which tells you, the schools and any other aid agency what your family is expected to pay, given their financial circumstances. What individual schools do with that number is their own business. If your numbers jive, you can then get government loans, grants, workstudy which though dispensed through the college, comes from the government. What you still need is up to the college and you to provide. FAFSA generates that first EFC number as a stepping stone for a financial aid package. (thank Jamimon for this piece if information)</p>
<p>Some schools may ask for the CSS profile other institutional forms to determine your financial need</p>
<p>Your EFC will be based on your parents income (no matter how underpaid you think they are)</p>
<p>Your EFC takes into consideration , other siblings you have in college, private school tuition, assets etc. </p>
<p>There will also be a student contibution based on your income (working 30 hours per week)</p>
<h2>For example if you have a $10,000 EFC, based in where you attend your financial aid could look like any of the following 3 scenarios</h2>
<p>SCENARIO 1</p>
<p>Your financial aid will be calculated as follows </p>
<p>A school which meet 100% of your demonstrated need (and gives generous scholarship/grant aid) would calcualte need as follows:</p>
<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school is $30,000 per year)</p>
<p>Minus</p>
<p>EFC (which comes from the FAFSA)+ Sudent Contribrution (the amount of money you will contribute from your savings or summer earnings)</p>
<p>Equals</p>
<p>Demonstrated need</p>
<p>Using the concept of meet ing 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>
<p>Cost of attendance (tuition, room, board, books, travel home, misc) 30,000</p>
<p>Expected Family Contribution (based on the FAFSA) 10000
Student contribution 2000</p>
<p>Demonstrated Need 18,000</p>
<p>Your demonstrated need maybe be broken down as follows:</p>
<p>Subsidized Stafford Student loan 2500
Work study 2000
Perkins loan 2500
School grant/scholarship 11000</p>
<h2>Total aid package $18,000</h2>
<p>SCENARIO 2</p>
<p>If you were to attend a school that DOES NOT MEET 100% of your DEMONSTRATED NEED (or GAPS) NYU is a prime example:</p>
<p>NYU does not meed 100% of demonstrated need, a student with the same finanicals may get a package as follows:</p>
<p>Cost of attendance (tuition, room, board, books, travel home, misc) 30,000</p>
<p>Expected Family Contribution 10000
Student contribution 2000</p>
<p>Financial need 18,000</p>
<p>NYU broken your aid package down as follows:</p>
<p>Student loan 100
Work study 4000
School loan 9000</p>
<p>Total aid Package 14000</p>
<h2>NYU has left $4,000 of the $30,000 cost that you still need to attend NYU for one year still unaccounted for (gapping). You will have to come up with a way to get the rest of this money (outside scholarships, your parents taking out loans -if eligible).</h2>
<p>SCENARIO 3</p>
<p>school which meet 100% of your demonstrated need (and givesscholarship/grant aid along with loans) would calcualte need as follows:</p>
<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school is $30,000 per year)</p>
<p>Minus</p>
<p>EFC (which comes from the FAFSA)+ Sudent Contribrution (the amount of money you will contribute from your savings or summer earnings)</p>
<p>Equals</p>
<p>Demonstrated need</p>
<p>Using the concept of meet ing 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>
<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>
<p>Expected Family Contribution (based on the FAFSA) 10000
Student contribution 2000</p>
<p>Demonstrated Need 18,000</p>
<p>Your demonstrated need maybe be broken down as follows:</p>
<p>Subsidized Stafford Student loan 2500
Work study $2000
Perkins loan $2500
School grant/scholarship $7,000
unsubsidized Loan $4,000</p>
<p>Total aid package $18,000</p>