financial aid package

After you are accepted, you may want to know how to pay for college? The answer lies in your financial aid package! You need to complete the Free Application For Student Aid (FAFSA) to receive one though. The Department of Education has tried to standardize financial aid packages by creating the Shopping Sheet Template, and roughly 3,300 schools use this template. The financial aid package breaks down the total cost of attendance, grants and scholarships offered, net costs, work offered, loans offered, and other options. Even if a college does not use the Shopping Sheet Template, its financial aid package still shows similar items to help to look for when paying for college.

LoanMajor’s College Selection Calculator uses a financial aid package like the one seen below to estimate student debt after graduation. The College Search Calculator uses an average price for a family based on income to help give the student an idea of how much debt he or she will have before applying to that school. Average net prices can be viewed here. These are all great resources in determining how to pay for college.

University of the United States (UUS)

Student Name, Identifier

Download

Costs in the 2017­-18 year

Estimated Cost of Attendance

X,XXX
  • Tuition and fees
  • Housing and meals
  • Books and supplies
  • Transportation
  • Other education costs

Grants and scholarships to pay for college

Total Grants and Scholarships

X,XXX
  • Tuition and fees
  • Grants and scholarships from your school
  • Federal Pell Grant
  • Grants from your state
  • Other scholarships you can use

What will you pay for college

Net Costs

X,XXX

Work Option

  • Work­Study (Federal, state, or institutional)

Loan Options

  • Federal Perkins Loan
  • Federal Direct Subsidized Loan
  • Federal Direct Unsubsidized Loan
  • Other scholarships you can use
  • *Recommended amounts shown here. Your may be eligible for a different amounts. Contact your financial aid

Other options

Family Contribution

X,XXX

(As calculated by the institution using information reported on the FAFSA or to your institution.)

  • Payment plan offered by the institution
  • Parent or Graduate PLUS Loans
  • American Opportunity Tax Credit *
  • Military and/or National Service benefits
  • Non­Federal private education loan

*Parents or students may qualify to receive up to $2,500 by claming the American Opportunity Tax Credit on their tax return during the following calender year

Graduation Cap

Graduation Rate

Percentage of full-time students who graduate within 6 years.

Graduation Cap

Repayment Rate

Percentage of borrowers entering into repayment within 3 years of leaving.

Graduation Cap

Median Borrowing

Students who borrow at UUS typically take out $X,XXX in Federal loans for their undergraduate study. The Federal loan payment over 10 years for this amount is approximately $X,XXX per month. Your borrowing may be different.

Repaying your:
loans To learn about loan repayment choices and work out your Federal Loan monthly payment, go to: http://studentaid.ed.gov/repay

(UUS) : Financial Aid Office

123 Main Street Anytown, ST 12345 Telephone: (123)4567890 Email: financialaid@uus.edloans/inderstand/plan

Estimated Cost of Attendance

This shows what the college thinks it will cost for the student to attend. This can take into account items such as travel expenses, room and board, and books and supplies.

Grants and Scholarships

This section lists all of the different money that is offered from the federal government, state government, and institution that does not have to be paid back. A more detailed description of Grants and Scholarships can be found here. These are invaluable when deciding how to pay for college!

Net Cost

This is what is required to pay to attend the college. It is calculated by subtracting Grants and Scholarships from Cost of Attendance. LoanMajor’s College Price Search shows the estimated net cost of different colleges based on family income.

Work Options

This is any institution, state, or federal work-study offered in a financial aid package to offset the costs of college.

Loan Options

This section lists the different loans available to help pay for the education. These can include Stafford Loans and Perkins Loans.

Other Options

Lists ways to pay for an education if the previous things are not enough. Some of these options include Parent Plus loans, Private Loans, payment plans, and military benefits.

Not all financial aid packages are the same. They will generally include many of these elements, however, and should include enough to determine how much you will have to pay out of pocket, and any loans that the student will be eligible for. LoanMajor’s calculators take this a step further by estimating debt after graduation and then take a potential starting salary to find an affordable repayment plan for those loans. Remember to fill out your FAFSA so you can receive federal aid when paying for college!