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Comprehensive Overview of Financial Aid Programs for College Students

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This overview details various financial aid programs available to assist students with college costs, emphasizing sources outside family support. It defines Cost of Attendance (COA), highlighting direct and indirect costs that vary by institution, and explains the Expected Family Contribution (EFC), which is key to determining financial need. The text categorizes aid into need-based and non-need-based, listing types such as grants, scholarships, loans, and work-study. It also outlines federal and state aid programs, and alternative funding sources for student education.

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Comprehensive Overview of Financial Aid Programs for College Students

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  1. Section II Overview of Financial Aid Programs

  2. Money from a source other than the family to assist with the cost of attending college Financial Aid

  3. Cost of Attendance (COA) • Direct costs • Indirect costs • COA varies widely from college to college

  4. 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

  5. Financial Need Cost of Attendance – Expected Family Contribution (EFC) = Financial Need

  6. Categories of Aid • Need-based aid • Non need-based aid

  7. Types of Aid • Grants • Scholarships • Loans • Employment

  8. Sources of Aid • Federal government • States • Colleges • Private sources

  9. Title IV Aid Programs • Federal Pell Grant • Teacher Education Assistance for College and Higher Education (TEACH) Grant

  10. Title IV Aid Programs Campus-Based Programs • Federal Supplemental Educational Opportunity Grant (FSEOG) • Federal Work-Study • Federal Perkins Loan

  11. Title IV Aid Programs • Ford Direct Student Loan (Direct Loan) Program • Leveraging Educational Assistance Program (LEAP)

  12. 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)

  13. Other Federal Aid Programs • Bureau of Indian Affairs (BIA) Grants • Vocational rehabilitation benefits • U.S. Department of Health and Human Services (HHS)

  14. 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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