financial aid package
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After you are accepted to college and complete the FAFSA and any other required forms, you receive a financial aid package. 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.
*Recommended amounts shown here. Your may be eligible for a different amounts. Contact your financial aid
(As calculated by the institution using information reported on the FAFSA or to your institution.)
*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
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.
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 paying for college!
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.
This is any institution, state, or federal work-study offered in a financial aid package to offset the costs of college. More information on Work Study can be found here.
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!