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Federal Aid Formula:
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Federal student aid from FAFSA (Free Application for Federal Student Aid) helps students pay for education expenses at eligible colleges or career schools. The basic calculation determines need-based aid by subtracting your Expected Family Contribution (EFC) from the Cost of Attendance (COA) at your school.
The calculator uses the basic federal aid formula:
Where:
Explanation: This formula determines your financial need, which is used to award need-based federal aid like Pell Grants, subsidized loans, and work-study.
Details: Understanding your potential federal aid helps in college planning and financial decision-making. It shows how much need-based aid you might qualify for after accounting for your family's expected contribution.
Tips: Enter COA (provided by your school) and EFC (from your FAFSA Student Aid Report). Both values should be in dollars. The calculator will show your estimated need-based federal aid eligibility.
Q1: What if my aid calculation is negative?
A: If EFC exceeds COA, you won't qualify for need-based federal aid. You may still qualify for non-need-based aid like unsubsidized loans.
Q2: Does this guarantee I'll receive this aid amount?
A: No, this is an estimate. Actual aid depends on fund availability and other factors determined by your school's financial aid office.
Q3: What's included in COA?
A: COA includes tuition, fees, room, board, books, supplies, transportation, and miscellaneous personal expenses.
Q4: How is EFC calculated?
A: EFC comes from FAFSA using a federal formula considering family income, assets, household size, and number in college.
Q5: Can I appeal my EFC?
A: In special circumstances (job loss, medical expenses), you can request a professional judgment review from your school's financial aid office.