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Financial Aid Packaging at the University of Colorado February 2005 Gwen Eberhard Director of Financial Aid Boulder Campus
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Financial Aid Process For Need-Based Aid 1. How Much Does it Cost to Go to CU? - Cost of Attendance 2. How Much is the Student/Family Expected to Contribute? – Free Application for Federal Student Aid (FAFSA) 3. How Much Financial Aid Does a Student Receive?
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(COA) Cost of Attendance Estimate of a Student’s Expenses for the Period of Enrollment Guidelines Provided by CCHE, in Accordance with Federal Regulations COA Components Adjusted Annually
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Cost of Attendance Components Tuition and Fees Room and Board Books and Supplies Transportation Medical Personal
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The Cost of Attendance (COA) College of Arts & Sciences (2004-05) UCB*UCDHSC- Downtown UCCS Tuition and Fees$ 4,451$ 3,978$ 4,148 Room and Board$ 7,564$ 7,236$ 7,242 Books/Supplies$ 1,187 Medical$ 1,692 Transportation$ 576 Personal$ 1,044 TOTAL$16,514$15,713$15,889 *Costs reflect an undergraduate, resident student. Non-residents are similar with a higher tuition.
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Expected Family Contribution Financial Aid Application/Eligibility (FAFSA) Free Application for Federal Student Aid determines Eligibility (EFC) Expected Family Contribution: Amount the Family is Expected to Contribute – Based on income, assets, # in household, # of students in college and other factors
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Applying for Financial Aid High School Counselors CU Catalog CU High School Presentations CU Admission Applications Admissions & Financial Aid Publications Admissions & Financial Aid Web Sites CU for a Day Presentations Orientation Programs Presentations to Academic Programs Emails to Continuing Students CU PLUS & Student Portal (Boulder)
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Need = COA – EFC Types/Sources of Aid Grants/Gifts (including scholarships) – Federal, State, Institutional, Private Work – Federal, State, Institutional Loans – Federal, Institutional
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Financial Aid Package (COA) Cost of Attendance - (EFC) Expected Family Contribution = Need - Financial Aid (Grants, Work, Loan) =Unmet Need
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Student AStudent B (COA) Cost of Attendance $16,514 - (EFC) Expected Family Contrib - 200- 4,100 =Need=$16,314=$12,414 Financial Aid Package: - Federal Pell Grant $3,900 $ 0 - State or Institutional Grant $3,900 $ 1,150 - Private Scholarship $ 500 $ 200 - Work-study $1,800 - Federal Perkins Loan $4,000 $ 0 - Federal Stafford Loan $2,214 $ 2,625 =Unmet Need= 0=$ 6,639 Financial Aid Packaging Examples Undergraduate/Resident/A&S
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Unmet Need = $0 - Total Aid $16,314 - EFC $200 Meeting the Cost of Attendance Cost of Attendance =$16,514 Unmet Need = $6,639 - Total Aid $5,575 - EFC $4,100 Student A Student B
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