This document also provides helpful hints to high school students, undergraduate and graduate students on locating and competing for private scholarships. Financial aid is assistance provided to families to supplement what they are able to contribute to cover the cost of college. The EFC is subtracted from the cost of attendance, which includes tuition, fees, books and supplies, and living expenses to determine the student's need for financial aid. This combination of aid is called a Financial Aid Award or Financial Aid Package . While colleges are not always able to meet the student's full need, other resources are available - including private loans and tuition payment plans.
Many students also seek private scholarships to help meet college costs.
Most financial aid is based on need. Many colleges also offer scholarships based upon other factors such as academic achievement or special talents. They generally will require students interested in these funds to complete the financial aid process anyway to make sure they receive all aid to which they are entitled. Aid is usually in the form of a tuition waiver or reduction, or a cash stipend to help defray educational and personal expenses. Graduate schools often, but not always, require students receiving aid to work as researchers or teaching assistants.