Financial aid package

Financial Aid Package is a combination of different types of Financial Aid offers from various sources. Financial Aid Package assists to fill the gap between paying capacity (your expected family contribution or EFC) and college costs (the cost of attendance or COA). Fin Ancial Aid will be issued based on the financial need of the student, the difference between COA and EFC.

The offered awards and types of financial assistance in a package will be determined by the different factors, such as:

Total cost of attending a particular college,

The student's need,

Availability of funding,

Outside funds available to the student.

If a student applies to one college and accepted by two different colleges, the student will be offered two different financial aid packages. If a student's Expected Family Contribution (EFC) is more than the Cost Of Attendance (COA), and then the student will not be eligible for the "Need-Based" Financial Aid.

Each college is having an Award upper limit it sets for individual student's packages. The maximum amount of Financial Aid Package will be collected from different sources to reach to that student. Financial Aid Package will be determined by the different variables such as academic quality ,alumni status, athletic ability , musical or art talent, demographic and ethnic issues, and thousands of other factors to determine the appropriate institutional Financial Aid Package.

At the time of application only the students should negotiate for the larger financial package. It is also very important to explain the reasons, why the Financial Aid Package is not enough to cover the costs. Be friendly with Financial Aid business office people while explaining the reasons. Some times depending the school policies also a student is deserve to get appropriate Financial Aid Package.

Different Kinds of financial aid packages offered:

Grant funds: These funds are awarded to students from huge range of sources, including University endowments, annual gifts and federal and state programs.

Campus employment: some times students are offered part-time campus jobs as part of the financial aid award.

External scholarships: Students may receive financial support from outside sources alike local community scholarships. If students receive outside scholarships and tuition fees is an alternative way to reduce the need to work.

External scholarships can be useful to reduce the following:

Student Contribution from Summer Earnings 

Work-Study/Campus Employment Expectation

Loans

Selecting a Financial Aid Package:

Whenever receiving the Financial Aid Award letters, the student should discuss with their family members to decide which Financial Aid Award best meets their needs. The award letter should be accepted before the deadline to receive the Financial Aid Package. The first step in selecting a Financial Aid Package will be to understand the rules and regulations in the Award and to compare the other awards .Each college will be offered different types of awards. Some colleges list college costs and some lists billing and direct costs. This analysis is varies college to college.

It is not compulsory to accept the whole amount of package offered by the college. Some times students may reject the part of the aid package and can procure from other sources due to high interest rates and process fees.

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