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Securing financing for your college education is an essential step towards your future. The two most common types of financial aide are merit scholarships and need-based assistance.
Merit Scholarships
Merit scholarships are based on grades, athletics, or service. You may be competing with a national pool of applicants. One alternative may be to search for scholarships that are local to your city or state. Completing a scholarship search is the best way to begin. Try www.fastweb.com or www.scholarships.com.
Financial Aid Based on Need
Many students receive need-based financial aid. Completion of a Free Application for Federal Student Aid (FAFSA) in January of your senior year is essential in this process. You should, however, complete a financial estimator form to determine just how much college will cost you before you get your FAFSA results.
Financial Aid Need Comparison Chart
The following are based on 2002-2003 costs and are used to demonstrate financial aid packages. Figures are estimates. Contact the college for actual figures.
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COLLEGE A
Small Private College i.e., Jacksonville University |
COLLEGE B
State CollegeIn-State, i.e. University of Central Florida
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COLLEGE C
State University, Out of State, i.e. University of Virginia, UNCCH |
COLLEGE D
Selective Private University, i.e. Duke University |
Tuition and Fees |
$ 16,540 |
$2,630 |
$19,990 |
$27,844 |
Room and Board |
5,900 |
5,640 |
5,320 |
7,920 |
Miscellaneous (books, supplies, personal expenses, etc.) |
2,500 |
3,495 |
2,572 |
2,465 |
Total Price of College |
$24,940 |
$9,566 |
$27,882 |
$38,229 |
Expected Family Contribution EFC (based on results of FAFSA) * |
$ 6,000 |
$ 6,000 |
$ 6,000 |
$ 6,000 * |
Need – amount needed to attend this college |
$18,940 |
$5,765 |
$21,882 |
$32,229 |
Financial Aid Package: |
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Grant (Gift Money) |
$11,690 |
$2,140 |
$14,632 |
$24,079 |
Loan |
$5,250 |
$2,625 |
$5,250 |
$5,250 |
Work Study |
$2,000 |
$1,000 |
$2,000 |
$2,000 |
Total Aid Package – if college meets 100% of need |
$18,940 |
$5,765 |
$21,882 |
$32,229 |
Deficit if Total Aid Package = 85% (add this amount to EFC for total you must pay). |
($2,841) |
($865) |
($2,885) |
($4,835) |
*If the college requires completion of the College Board’s PROFILE in addition to the FAFSA, the Expected Family Contribution may be higher.
NOTE: Any of these four colleges would cost this family, out of pocket, ONLY their Expected Family Contribution (EFC) of $4,500. This is an important index in determining how much college will cost your family.
Complete a financial aid estimator at one of these sites:
Search for scholarships at any of these sites:
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