Understanding and Comparing Financial Aid Offer Letters
Understanding and Comparing Financial Aid Offer Letters
What is Cost of Attendance (COA)
Five components:
- Tuition & fees
- Room & board
- Books & supplies
- Transportation
- Personal expense
Some are direct (tuition), some are indirect (personal expenses)
If only COA was that simple…
- Some aren’t realistic
- Some are just plain missing
- Example: Transportation– At UC Davis (on campus): $564– At College of the Siskiyous: $1300– At Simpson University: None
Components can be fixed or variable
- You may be able to get by with less than a school thinks you need
- Even a school’s estimate could vary
- Example: Room & Board at Shasta College
– Living at home: $4,348
– Living away from home: $10,864
– Living on campus: $5,790
What is Expected Family Contribution (EFC)?
- Amount family can reasonably be expected to contribute
- Stays the same regardless of college
- Two components:
– Parent contribution
– Student contribution - Calculated using data from FAFSA
So What is Financial Need?
Basic math:
Cost of Attendance – Expected Family Contribution =Financial Need
