Financial Aid 101
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The Awarding of Graduate Financial Aid
Once the aid officer has calculated the financial need, the goal is to create a package of financial aid awards that together add up to need amount.
There are three main "types" of graduate student financial aid.
- Grants and Scholarships - funds that do not have to be repaid by the student
- Loans - money lent to the student to pay for graduate school
- Work - funds a student earns through a campus sponsored work program such as work study or teaching assistantships
In addition to these main categories of financial aid, specific aid programs can be need based or non-need based.
- Need based financial aid programs require a student to demonstrate financial need
- Non-need based programs can be awarded to students even when there is no calculated need - i.e., the student's EFC (or combination of EFC and awarded financial aid) exceeds the cost of attendance
The amount of each award is based on a number of factors including: institutional or regulatory policies for minimum and maximum amounts, amount of funds available to the institution, and eligibility of the applicant.
Sample Situations:
Private Graduate School:
| Cost | Amount |
|---|---|
| Tuition & Fees | $22,500 |
| Room and Board | $7,500 |
| Books | $2,000 |
| Transportation | $2,500 |
| Miscellaneous | $1,000 |
| TOTAL | $35,500 |
Public Graduate School:
| Cost | Amount |
|---|---|
| Tuition & Fees | $5,000 |
| Room and Board | $2,000 |
| Books | $750 |
| Transportation | $1,250 |
| Miscellaneous | $1,000 |
| TOTAL | $10,000 |
COA (Cost of Attendance) minus EFC = Need
Grad Student 1 has $15,000 EFC
- $35,500 COA -- Grad Student 1 EFC of $15,000 = $20,500 Need for Financial aid at high priced, private grad school
- 10,000 COA -- Grad Student 1 EFC of $15,000 = NO NEED for financial aid at lower priced, public grad school
Grad Student 2 has $1,000 EFC
- $35,500 COA -- Grad Student 2 EFC of $1,000 = $34,500 Need for Financial aid at high priced, private grad school
- 10,000 COA -- Grad Student 2 EFC of $1,000 = 9,000 Need for financial aid at lower priced, public grad school
Finally, sample awards will be shown for the sample needs shown above.
Grad Student 1 - Private Graduate Student:
| Aid Program | Amount |
|---|---|
| Institutional Scholarship | $10,000 |
| Teaching Assistant | $2,000 |
| Federal Subsidized Stafford Loan | $8,500 |
| Federal Graduate PLUS or Alternative Loan | $5,875 |
| TOTAL | $26,375 |
Grad Student 1 Public Grad School:
| Aid Program | Amount |
|---|---|
| Federal Unsubsidized Stafford Loan | $10,000 |
| TOTAL | $10,000 |
*The unsubsidized loan can replace some of the family contribution even when there is no need. The graduate PLUS loan is also available to grad students without need to replace some of the EFC you are expected to be able to pay.
Grad Student 2 Private Grad School
| id Program | Amount |
|---|---|
| Institutional Scholarship | $15,000 |
| State Funded Scholarship | $2,000 |
| Private Scholarship | $3,000 |
| Work Study | $2,000 |
| Federal Subsidized Stafford Loan | $8,500 |
| TOTAL | $30,500 |
*A PLUS or alternative loan can be used to make up the difference between the total cost and amount of aid listed above if there are no personal savings available.
Grad Student 2 Public Grad School
| Aid Program | Amount |
|---|---|
| State Funded Scholarship | $1,500 |
| Federal Subsidized Stafford Loan | $8,500 |
| TOTAL | $10,000 |
Based on the examples above, you should have a better understanding of how it all comes together. Now, continue on to our Financial Aid Calendar to learn more about when all this takes place...
