College Mentors

Acceptances are rolling in, and along with them, financial aid letters showing how each college will "meet your need." Most colleges promised to meet full need with the package--the difference between your Expected Family Contribution (EFC from the FAFSA) and the total cost of attendance. Take a look at the sample at right (click on it for a larger view). This hypothetical student's family had an EFC of $10,000, and this college promised to meet 100% of need. What are the elements of a financial aid offer letter? Cost of attendance --this section tells you how much it costs to attend the university. It always includes tuition, room and board, any mandatory student fees (e.g. health, registration, etc.). Most colleges will also list an amount for books, travel, and incidentals, but some will not list all of these. Scholarships-- If you are receiving any scholarship money, they'll be listed. Scholarships may be need and/or merit based, don't need to be paid back