How does College financial aid work?

Working of College financial aid work

I am here to tell you about how your financial aid work, if you acquired financial aid FAFSA, how this is start working in your college, at what basis it is calculated.

There are many grants and scholarship program available in the colleges and universities like need based grants, work-study employment and private loans.

How does College financial aid work

Every awards some eligibility criteria of which you have to go through. In most circumstances it is decided based on your cost of attendance of your college.

When you apply for FAFSA, the department asks you for Expected Family Contribution i.e. EFC Score and it is sent to college. Then it is compared to your attendance of your college, that calculates what it will cost for an student to take admission on that particular college.

There are various thing comes under like average cost of tuition, school fees, living cost, books etc.

By the way you change the school, your financial aid will be recalculated because your expenses will fully differs. New School or college financial aid department again asks for EFC and reculculate it. After that you will receive aid offer letter from new school informing that how much aid you qualify for.

One more thing, if you want to keep getting financial aid, you have to show your good GPA score which should be well maintained of 2.0.

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How your financial aid has been calculated?

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