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scholarships & financial aid | financial aid explained
How Does Federal Student Aid Work?
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Trying to understand financial aid can induce headaches, anxiety, and frustration. If it's not the acronyms (EFC, SAR, FAFSA), it's the vocabulary (unsubsidized, unmet–need, institutional grants). Let's take a step back and look at the big picture.
The intent of federal student aid is to make up the difference between (1) what your education costs and (2) what you can afford to pay. This equation clearly paints the picture…
Sound simple? Well, it is and it isn't. Financial Aid officers prefer using other terminology to express the same meaning. Here is exactly the same equation written using financial aid jargon:
Remember this simple equation and you can safely navigate the jargon–infested federal student aid waters.
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