The following breakdown is the average college costs and expenses provided to assist your educational expenses for the period of enrollment (fall and spring semesters). These amounts are also used to determine your financial aid. It consists of tuition, fees, average cost for room and board, (actual cost if the student lives on campus), books and supplies, transportation and miscellaneous or personal expenses. Your bill will only include direct college costs such as tuition, fees, and room and board (if you plan to live on campus). In addition, required equipment, childcare expenses, etc may be included in your budget, if requested with proper documentation.
Family Contribution Determination
Since financial aid is intended as a supplement to your family’s resources, you and your family will be expected to contribute as much as possible toward your educational expenses. When considering how much your family will be expected to contribute, you should not jump to conclusions. Determining how much your family can pay toward college expenses is a complicated process that involves much more than looking at how much you (and your parents/spouse if applicable) earn.
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Example:
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Cost of Attendance
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Family Contribution
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Financial Need
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Among the factors that the School weighs determining the family contribution is:
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Family Income
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Family Assets
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Student Income
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Student Assets
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Family Expenses
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Family Size
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Number of Children in College
Basic Types of Financial Aid
There are three basic types of financial aid:
Scholarships/Grants – Funds that you do not repay. These are usually awarded on the basis of availability and/or financial need.
Loans – Funds that must be repaid at a predetermined interest rate over a specific period of time.
Employment – Earning money either on or off campus during the academic year.