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Overview of Financial Aid Programs. Money from a source other than the family to assist with the cost of attending college. Financial Aid. Cost of Attendance (COA). Direct costs Indirect costs COA varies widely from college to college. Expected Family Contribution (EFC).

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Overview of financial aid programs

Overview of Financial Aid Programs


Money from a source other than the family to assist with the cost of attending college

Financial Aid


Cost of attendance coa
Cost of Attendance (COA) cost of attending college

  • Direct costs

  • Indirect costs

  • COA varies widely from college to college


Expected family contribution efc
Expected Family Contribution (EFC) cost of attending college

  • An index used to calculate eligibility for aid

  • Stays the same regardless of college

  • Two components

    • Parent contribution

    • Student contribution

  • Calculated using FAFSA data and a formula specified in law


Financial need
Financial Need cost of attending college

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need


Categories of aid
Categories of Aid cost of attending college

  • Need-based aid

  • Non need-based aid


Types of aid
Types of Aid cost of attending college

  • Grants

  • Scholarships

  • Loans

  • Employment


Sources of aid
Sources of Aid cost of attending college

  • Federal government

  • States

  • Colleges

  • Private sources


Title iv aid programs
Title IV Aid Programs cost of attending college

  • Federal Pell Grant

  • Teacher Education Assistance for College and Higher Education (TEACH) Grant


Title iv aid programs1
Title IV Aid Programs cost of attending college

Campus-Based Programs

  • Federal Supplemental Educational Opportunity Grant (FSEOG)

  • Federal Work-Study (FWS)

  • Federal Perkins Loan


Title iv aid programs2
Title IV Aid Programs cost of attending college

  • Direct Student Loan (Direct Loan) Program


Other federal aid programs
Other Federal Aid Programs cost of attending college

  • Corporation for National and Community Service

  • U.S. Department of Veterans Affairs

  • Reserve Officers Training Corps (ROTC)


Other federal aid programs1
Other Federal Aid Programs cost of attending college

  • Bureau of Indian Affairs (BIA) Grants

  • Vocational rehabilitation benefits

  • U.S. Department of Health and Human Services (HHS)


Other sources of aid
Other Sources of Aid cost of attending college

  • Institutional or private tuition plans

  • Other family resources

  • Home equity loans

  • Private/alternative loans

  • Tuition savings plans (529 plans)

  • Employer-sponsored tuition plans


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