Financial Aid 101

What goes into my Financial Aid Package?

First things first.How much is college going to cost?

There are two components to this:Direct Costs & Indirect Costs.

Tuition

Fees

Room & Board+

Direct Costs

(if applicable)

Direct Costs are those that arebilled directly by the University.

Books

Transportation

Etc.+

Indirect Costs

Indirect Costs are the other miscellaneousexpenses involved with attending college.

Direct Costs

Indirect Costs+

Cost of Attendance

Together, these two components makeup the total Cost of Attendance.

(COA)

Next, you need to determine howmuch you can contribute toward

this Cost of Attendance.

Parent Contribution

Student Contribution+

Estimated Family Contribution

The data you provide on the FAFSA is used tocalculate the amount you are expected to contribute.

(EFC)

Cost of Attendance

Estimated Family Contribution-Financial Need

The gap that’s left between what you are expected to contribute and the total cost is called “Financial Need.”

There are 3 types of Financial Aid:

Need-based Merit-based Non-need-based

Financial Aid is what helps you fill that gap.

Need-based

Grants Federal Work Study Loans

(Federal, State, and CLU Grants)

(Stafford Subsidized Loan, Perkins Loan)

The first type of aid is determinedsolely by Financial Need.

Scholarships (CLU and Outside Scholarships)

Merit-based

The second type of aid is determined by a student’sacademic accomplishments, not Financial Need.

Loans (Stafford Unsubsidized Loan, PLUS Loan, Alternative Loans)

Non-need-based

The final type of aid is available to all students, regardless of Financial Need or academic accomplishments.

The Financial Aid Packageconsists of all or any of these.

Need-based Merit-based

Non-need-based

Fill out the FAFSAand use CLU’s code:

“How do I get started?”