•1). Grants 补助金
–Based on financial need
–Gift assistance (No need to pay back)
–Provided by Fed./State/College
•2).Student Loan 贷款
–Based on financial need
–Pay principle back after the student left school
–Pay interest
Provided by State/Fed. Programs or private lenders
•3). Student Employment 雇用工作
–Based on financial need
–School provides Work-Study Assistance
–Part-time
–Hourly pay
•4).Scholarship 奖学金
•Financial Need = COA - EFC
•COA: Cost of Attendance
•EFC: Expected Family Contribution
•Financial Aid Package
–Offered by the college
–Reviewed &adjusted annually
•Tuition
•Fees (Computer & network usage, security…)
•Books & Supplies
•Transportation
•Medical Insurance
•Room & Board
•Personal & Miscellaneous items (Car,….)
•Theamount of assistance that is expected by the family:
–Total INCOME
–TaxReturn
–Family Size & No. of kids enrolled in college
–Savings
•Savings under Kid’s Name (35%)
•Savings under Adult’s Name (5.65--15%)
–Federal Formula: 5.65%
Princeton Formula: 15%
A = parents income – taxes paid – living allowance [$40,000]*
– expense allowance [$3,000]*
B = 12%(parents asset – asset protection allowance [$48,000]* )
C =50% (student income – taxes paid –living allowance [$2,250]* )
D = 35%student asset
Estimatedfinancial aid = College cost – EFC
Dollar figures are from year 2000 factor and tables, based on family of four, both parents work, older parent age 50.
*22-44%, depending on total of (A+B) *=may change