Financial Aid in a Nutshell

Financial aid makes up the difference between what college costs and what a family can afford.

There are 3 main types of financial aid:

  1. Loans that have to be repaid
  2. Grants & scholarships that do not have to be repaid
  3. Employment programs such as work-study

The first thing about paying for college that a family needs to determine is what their financial need is. To determine this amount there is a formula and it is the difference between the costĀ of attendance (COA) and the expected family contribution (EFC).

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