The colleges or career schools you list on your Free Application for Federal Student Aid form will use several pieces of information to calculate your aid.
What is need-based aid?
The following formula is used:Cost of Attendance COA Expected Family Contribution EFC = Financial Need
Can you give me an example?
For example, if your Cost of Attendance is $ 16,000 and you have been awarded a total of $ 4,000 in need-based aid and private scholarships, you can get up to $ 12,000 in non-need-based aid.
What exactly is COA?
Your COA is the amount it will cost you to go to school or your total cost for the school year for instance, for the fall semester plus the spring semester.
Will you be attending at least half-time?
Yes.
In that case, your COA is the estimate of tuition and fees; the cost of room and board, books, supplies, transportation, loan fees, and miscellaneous expenses including a reasonable amount for the documented cost of a personal computer and other possible expenses.
Who calculates need-based aid, the government?