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 Financial Aid & College Costs


The financial aid process may seem complicated, but in its simplest form it comes down to understanding five easy steps: 

1.  You must complete the Free Application for Federal Student Aid (FAFSA) soon after January 1 of the year you intend to enroll in school.  Check with each of the colleges to which you apply for specific  deadlines. Be certain to ask if any other supplemental forms (such as the CSS Profile Form or institutional financial aid form) are required. 

2. After completing the FAFSA, your information is submitted to the U.S. Department of Education. The Department calculates, based on a complex methodology, your ability to pay for the cost of attendance.  Your ability to pay is called the EXPECTED FAMILY CONTRIBUTION (EFC). The factors used in determining the EFC include: student and spouse annual income and assets, family size, number of family members attending college, taxes paid and more.

3. The Department of Education sends the FAFSA information, including the EFC, to every school you listed on the FAFSA. The financial aid  officers subtract your EFC from the COST OF ATTENDANCE (COA) to determine your eligibility for financial aid.  

4. The financial aid officer calculates, based on the campus’ available resources, the amount of financial aid the institution is able to offer the student. BE AWARE: Because a student is eligible for a certain amount of financial aid does not mean the student is guaranteed to receive that amount. The unmet need is called the GAP.

5. The financial aid officer sends the student an AWARD LETTER that details the amount of financial aid the college is able to offer the student. The aid is broken into categories of loans, grants, scholarships and work-study.

After looking at the costs of several institutions, it can leave you wondering, how are students able to afford a graduate education? Most students do not pay the full “sticker price” of the graduate school they attend. When it comes to paying for graduate school, money is  available – in the form of grants, low-interest loans, special merit or need-based scholarships, and work programs.

While over 70 percent of college students receive some form of financial aid, students are still expected to contribute to the costs of higher education. Applying to a range of schools can give you more options when it comes down to decision time. 

While an advanced degree is expensive, students who are aware of all resources that are available to help can usually find a way to make it happen.

File Your Financial Aid Forms Online

FAFSA on the Web: www.fafsa.ed.gov

CSS Profile Online: www.collegeboard.com

 Get Loan Repayment and Budget Calculators

www.nhheaf.org/index.asp?page=stu_calculators

 

 

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