Difference between revisions of "Financial Aid"

Latest revision as of 15:57, 23 July 2017

You are probably aware that college can be expensive. You may also be aware that there are scholarships, grants, and loans available to help you pay for it. Below, I'll give you an overview of the process of paying for college, and define some of the terms you'll see often in the future.

Say you want to attend a university that costs $45,000 per year. After completing your FAFSA, you find that your expected family contribution, the amount you are expected to pay, is $2,000 per year. Your university will offer you a financial aid package that will cover the difference, known as your financial need. The math works like this:

$45,000   Cost of attendance

- $2,000   Expected family contribution

$43,000   Financial need

So, the financial aid package you receive from the university will help you cover $43,000 per year. The package will likely contain the following:

Type of Aid	Lender	Paid Back?
Scholarships	University	Nope!
Grants	Gov't/University	Nope!
Loans	Government	Yes!

If you're reading closely, you might notice that loans are part of the financial aid package. Unlike scholarships and grants, you must repay any loans. Why are these included in your financial aid package? Good question. Some universities, like the University of Chicago[1] do not include loans in your financial aid package. It is very important that you read your package closely when you receive it, and recognize that you are not required to accept all of it.

The OKcollegestart website is a great place to research this process further.

@@ Line 1: / Line 1: @@
 {{see also|Scholarships|FAFSA|OKPromise}}
 <div style="float:right;margin-left: 1.5em;">{{#widget:Iframe|url=https://docs.google.com/presentation/d/e/2PACX-1vSXr1dxGvHxe3yszT550owleBZkgZReyvalMyv1Wg97lSLqkYnrR9RkO2F0p4Qc6wHhFcfe3TjcXpCJ/embed?start=false&loop=false&delayms=3000|width=480|height=299|border=0|allowfullscreen=true}}</div>
-Financial aid comprises all scholarships, grants, waivers, loans, gifts, and work study programs you qualify for as a university student.
+You are probably aware that college can be expensive. You may also be aware that there are scholarships, grants, and loans available to help you pay for it. Below, I'll give you an overview of the process of paying for college, and define some of the terms you'll see often in the future.
-How do you know what you qualify for? Fill out your [[FAFSA]]! Upon completing the FAFSA, you will get your expected family contribution, or the amount each year your family is expected to pay. The rest of the cost of attendance is covered by scholarships, grants, and loans.
+Say you want to attend a university that costs '''$45,000''' per year. After completing your [[FAFSA]], you find that your '''expected family contribution''', the amount you are expected to pay, is '''$2,000''' per year. Your university will offer you a financial aid package that will cover the difference, known as your '''financial need.''' The math works like this:
+<h3>
+{|
+|-
+|  ||$45,000||&nbsp;&nbsp;Cost of attendance
+|-
+| -  || $2,000||&nbsp;&nbsp;Expected family contribution
+|-
+|  ||$43,000||&nbsp;&nbsp;Financial need
+|}</h3>
-The math works like this: total cost of attendance - expected family contribution = your financial aid.
+So, the financial aid package you receive from the university will help you cover $43,000 per year. The package will likely contain the following:
+{| class="wikitable"
+|-
+! Type of Aid !! Lender !! Paid Back?
+|-
+| Scholarships || University || Nope!
+|-
+| Grants || Gov't/University || Nope!
+|-
+| Loans || Government || '''Yes!'''
+|}
-If you're reading closely, you might notice that '''loans''' are part of the financial aid package. Unlike scholarships and grants, you must repay any loans. Why are these included in your financial aid package? Good question.
+If you're reading closely, you might notice that '''loans''' are part of the financial aid package. Unlike scholarships and grants, you must repay any loans. Why are these included in your financial aid package? Good question. Some universities, like the University of Chicago[https://nobarriers.uchicago.edu/] do not include loans in your financial aid package. It is very important that you read your package closely when you receive it, and recognize that you are not required to accept all of it.
-Some universities, like the University of Chicago[https://nobarriers.uchicago.edu/] do not include loans in your financial aid package. When you receive your financial aid letter, read it closely and see Stallings with any questions.
+The [https://secure.okcollegestart.org/Financial_Aid_Planning/_default.aspx OKcollegestart website] is a great place to research this process further.
-The [https://secure.okcollegestart.org/Financial_Aid_Planning/_default.aspx OKcollegestart website] is a great place to begin researching this process.
 [[Category:College]]

	$45,000	Cost of attendance
-	$2,000	Expected family contribution
	$43,000	Financial need

Difference between revisions of "Financial Aid"

Latest revision as of 15:57, 23 July 2017

$45,000 Cost of attendance - $2,000 Expected family contribution $43,000 Financial need

$45,000 Cost of attendance

- $2,000 Expected family contribution

$43,000 Financial need