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Section II. 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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Section II

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Section II

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)

  • 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

Cost of Attendance

–Expected Family Contribution (EFC)

=Financial Need


Categories of Aid

  • Need-based aid

  • Non need-based aid


Types of Aid

  • Grants

  • Scholarships

  • Loans

  • Employment


Sources of Aid

  • Federal government

  • States

  • Colleges

  • Private sources


Title IV Aid Programs

  • Federal Pell Grant

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


Title IV Aid Programs

Campus-Based Programs

  • Federal Supplemental Educational Opportunity Grant (FSEOG)

  • Federal Work-Study

  • Federal Perkins Loan


Title IV Aid Programs

  • Ford Direct Student Loan (Direct Loan) Program

  • Leveraging Educational Assistance Program (LEAP)


Other Federal Aid Programs

  • Robert C. Byrd Honors Scholarship Program

  • Corporation for National and Community Service

  • U.S. Department of Veterans Affairs

  • Reserve Officers Training Corps (ROTC)


Other Federal Aid Programs

  • Bureau of Indian Affairs (BIA) Grants

  • Vocational rehabilitation benefits

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


Other Sources of Aid

  • 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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