Financial Aid 101
How much does it cost?
Cost of Attendance (COA) is made up of direct and indirect costs.
Direct Costs are the charges actually applied to the student account. Typically this includes tuition, fees, and room & board (if living on campus).
Indirect Costs are any costs that can contribute to your educational expenses. Typically this includes books, transportation, etc.
How much can I contribute?
Once COA has been determined, the Financial Aid Office looks at the Expected Family Contribution (EFC) on the FAFSA.
Expected Family Contribution (EFC)
The Expected Family Contribution is generated by the FAFSA in order to determine what an individual and their family might be able to contribute to the student’s educational expenses. EFC also determines eligibility for federal, state, and institutional aid.
Parent Contribution – Student Contribution = EFC
After EFC is determined, the gap left between costs and contribution is called “Financial Need.”
COA – EFC = Financial Need
Types of Financial Aid
The Financial Aid Office helps close the gap through three types of aid:
- Institutional: Academic Scholarships, Vanguard Need Grant, Talent Scholarships
- Need Based Aid: Grants, Federal Work Study, Perkins Loan, Subsidized Loan
- Non-Need Based Aid: Unsubsidized Loan, PLUS Loan, Private Loan
Where do I start?
File your FAFSA by March 2nd!
Vanguard’s school code: 001293