<p>like i've been reading things like "need-blind" but don't know what it is... can someone explain all the technical terms to me?</p>
<p>Need blind just means that the schools do not take into consideration as to whether or not you have a financial need in the admissions process.</p>
<p>First the basics of FA.</p>
<p>Cost of attendance - EFC (EfC is calculated based on the income and assets of you and your parents. there is a parents contribution and a student contribution) = demonstrated need.</p>
<p>Very few colleges meet 100% of your demonstrated need. Those that do are amongst the most competive to be admitted (Ivies, elite lacs).</p>
<p>The majority of colleges do not meet 100% of demonstrated need (gap). </p>
<p>Depending on your financial situation, a school can essentially offer your parents a plus loan(which covers the entire cost of education) and will have still met your demonstrated need.</p>
<p>Demonstrated need has 2 components:</p>
<p>Self-help aid, which consists of </p>
<p>work study (either federal work study or employment)
Loans unsubsidized stafford loan (if eligible ) and Perkins loans (if you have an extreme amount of need)</p>
<p>The other part of your Package would be :</p>
<p>Federal grants -Pell (if eligible) or SEOG (if available)
Schools grants (which do not have to be repaid)
Scholarships (some may be based on merit where you must maintain a certain gpa, others are may be from dedicated endowed funds)</p>
<p>Other factors to keep in mind: If you have stepparents, at some schools their income will be considered to the extent that your parents benefit from the marriage.</p>
<p>If your parents are separated, divorced or never married, the colleges will also need the financial information from the non-custodial parent. AS far as colleges are concerned, they do not care about the parent's unwillingness to pay or what the divorce decree or pre-nup states Colleges believe that your parents have a social and moral obligation to pay for your education and first look to them in the financing of your education.</p>
<p>I beleive that there is a FA calculator on the college board. I would suggest that you research each school. Look to see what they ask for regarding FA. Some schools only ask for the FAFSA only. These schools most likely use the federal methodology for calculating aid. Other schools request the CSS profile (which is filed through the college board) or their own FA forms. These school most likely use their own institutional methodology or a combination of federal and institutional methodology to calculate aid.</p>
<p>So when you use the FA calculator, run your numbers once using the federal methodology and once using the combination of federal and insitutional. You will see that your EFC will vary. </p>
<p>If they have sample FA packages on their website , it will give you an idea of how they package aid. Do a search for the school's common data set. Now only will you get great admissions information regarding the last freshman class, keep going to the end, you will see. </p>
<p>the number of students that applied for aid
number of students who had financial need
number of students whose need was met
Percentage of need met
average grant aid</p>
<p>Als, look up your school on the US news college guide so that you could see the average amount of debt a student graduates with. The average amount of debt should be $20,000. Anything more may be burdensome for you to repay upon graduation especially if graduate or professional school is in your future.</p>
<p>Start applying for outside scholarships. Visit your GC's office regularly as they often post scholarship information.</p>
<p>If you work, start saving.</p>
<p>I hope that this helps.</p>
<p>ya that more than helped thx</p>
<p>What does :"Average freshman total need-based gift aid:" mean? Is this including all financial aid available from the college directly?</p>
<p>Average freshman total need-based gift aid</p>
<p>Means the average amount of scholarship/ grant aid from that particular school.</p>
<p>Thanks Sybbie...I don't mean to sound dumb, but aside from any scholarships applied for by the student unrelated to the particular school, does this amount include Federal Aid? I'm just trying to get an idea of how much additional $ is available and where it would come from, or is that something the school figures out. In other words, do they include federal aid in their package? Thanks.</p>
<p>sybbie already explained it really well, but I'll do it again. :)</p>
<p>Cost of schoool - your parents' contribution = your need</p>
<p>Your need is met through:
-college need-based scholarship
-federal/college loan (Perkins and/or Stafford)
-work/study
-your contribution (summer savings)
-outside scholarships, if any</p>
<p>This is true for most top schools, except a few like Princeton that don't do loans.</p>
<p>Doc,</p>
<p>If you are eligible for federal aid (pell, subsidized stafford loans, work-study) it is definitely going to be part of your aid package </p>
<p>types of federal aid:</p>
<p>FEDERAL PELL GRANT</p>
<p>What is a Federal Pell Grant?</p>
<p>A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelors or professional degree. (A professional degree is usually obtained after a bachelors degree in a field such as medicine, law, or dentistry.) In some cases, you might receive a Pell Grant for attending a post-baccalaureate teacher certificate program.</p>
<p>Pell Grants are usually a foundation of financial aid, to which aid from other federal and nonfederal sources might be added. </p>
<p>How do I qualify?</p>
<p>To determine if youre eligible, the U.S. Department of Education uses a standard formula, established by Congress, to evaluate the information you report when you apply (see Financial Need by clicking here). The formula produces an EFC number. Your SAR contains this number, in the upper right portion of page 1. This number will determine if youre eligible for a Pell Grant and for how much.</p>
<p>How much money can I get?</p>
<p>Pell Grants for the 2003-2004 award year (July 1, 2003 to June 30, 2004) will depend on program funding. The maximum Pell Grant for the 2002-2003 award year was $4,000. How much you get will depend not only on your EFC but also on your cost of attendance,* whether youre a full-time or part-time student, and whether you attend school for a full academic year* or less. You may receive only one Pell Grant in an award year, and you may not receive Pell Grant funds from more than one school at a time.</p>
<p>How will I be paid?</p>
<p>Your school may credit the Pell Grant funds to your school account, pay you directly (usually by check), or combine these methods. The school must tell you in writing how and when youll be paid and how much your Pell Grant will be. Schools must pay you at least once per term (semester, trimester, or quarter). Schools that dont use formally defined, traditional terms must pay you at least twice per academic year.*</p>
<p>Can I receive a Federal Pell Grant if Im enrolled less than half time?*</p>
<p>Yes, if youre otherwise eligible. You wont receive as much as if you were enrolled full time, but your school must disburse your Pell Grant funds in accordance with your enrollment status and cant refuse you an award simply because youre enrolled less than half time.* </p>
<p>FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT </p>
<p>What is a Federal Supplemental Educational Opportunity Grant?</p>
<p>An FSEOG is for undergraduates with exceptional financial needthat is, students with the lowest EFCs and gives priority to students who receive Federal Pell Grants. An FSEOG doesnt have to be paid back.</p>
<p>Whats the difference between an FSEOG and a Federal Pell Grant?</p>
<p>The U.S. Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. Theres no guarantee every eligible student will be able to receive an FSEOG; students at each school will be awarded these funds based on availability at that school.</p>
<p>How much money can I get?</p>
<p>You can receive between $100 and $4,000 a year, depending on when you apply, your need, the funding level of the school youre attending, and the policies of the financial aid office where you attend school.</p>
<p>How will I be paid?</p>
<p>Your school will credit your account, pay you directly (usually by check), or combine these methods. Schools must pay students at least once per term (semester, trimester, or quarter). Generally, schools that do not use traditional terms must pay you at least twice during the academic year.* </p>
<p>FEDERAL WORK STUDY</p>
<p>What is Federal Work-Study?</p>
<p>The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to each students course of study.</p>
<p>How much will I make?</p>
<p>Youll earn at least the current federal minimum wage, but the amount might be higher depending on the type of work you do and the skills required. Your total Federal Work-Study award depends on when you apply, your level of need, and the funding level of your school. Commissions or fees must not be paid to Federal Work-Study students.</p>
<p>How will I be paid?</p>
<p>If youre an undergraduate, youll be paid by the hour. If youre a graduate student, you might be paid by the hour or you might receive a salary. Your school must pay you at least once a month. Also, your school must pay you directly, unless you request that the school make payments to your bank account or use the money to pay for your institutional charges such as tuition, fees, and room and board.</p>
<p>Are Federal Work-Study jobs on campus or off campus?</p>
<p>Both. If you work on campus, youll usually work for your school. If you work off campus, your employer will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest. Some schools might have agreements with private for-profit employers for Federal Work-Study jobs, which must be judged relevant to your course of study (to the maximum extent possible). If you attend a proprietary school, there might be further restrictions on the jobs you can be assigned.</p>
<p>Can I work as many hours as I want?</p>
<p>No. The amount you earn cant exceed your total Federal Work-Study award. When assigning work hours, your employer or financial aid administrator will consider your class schedule and your academic progress.</p>
<p>Thanks very much. I've bookmarked that site. So if I see that the average freshman gift aid is $10,000-$15,000 less than the overall tuition and I have a low EFC, then I shouldn't be scared off? (Assuming I could otherwise get in with my stats)</p>