2. What is Financial Aid?
Financial aid is money that helps
students and their families pay for a
college education.
There are different types of aid available and the
money can come from various sources.
Different types of aid have different rules (called
“eligibility criteria”) that are used to determine
who may receive the aid.
4. Types of Financial Aid
GRANTS
Grants provide free money for college that you do not
have to repay.
Grants generally come from one of three main sources:
• Federal government
• State government
• Institutions (your college or university)
While some grants require students to meet specific
criteria in order to receive them, most grants offered by
the state or federal government are awarded based
solely on financial need.
5. Types of Financial Aid
SCHOLARSHIPS
Like grants, repayment is not required for scholarships.
Eligibility for scholarship awards can vary. Depending on
the scholarship, awards may be based on need, student
merit (academic achievement, leadership
potential, artistic talents, athletic ability, career
plans, field of study, special hobbies or interests, etc.), a
student’s individual characteristics
(race, ethnicity, sexual orientation, etc.) or a
combination of factors.
6. Types of Financial Aid
WORK STUDY
Work-Study programs provide part-time jobs to
undergraduate and graduate students with financial
need. As a work-study student, you earn money to help
pay your education expenses while gaining experience
in jobs related to your course of study.
If you are interested in work-study options, be sure to
indicate that information on your FAFSA.
7. Types of Financial Aid
STUDENT LOANS
Loans are borrowed money that you must pay back.
There are several types of loans available to students.
Loans are offered by Washington State, the federal
government, and private entities (like banks).
It important to note that while financial aid offices may
offer you loans in your financial aid award letter, you are
not obligated to accept all the funds offered. Borrow only
what you need for school.
8. How Do I Apply?
To apply for federal financial aid and most state aid
programs, you must complete the Free Application
for Federal Student Aid (FAFSA) as soon after
January 1st as possible each year.
Scholarships typically require a separate
application, so you need do your research!
10. Once you have completed your
financial aid application and have
been admitted to a college, the
financial aid office at your school
will begin considering you for aid.
This is called ‘packaging.’
11. The college may start the
packaging process by asking you
to complete financial aid forms
specific to the college and
different than the FAFSA.
Fill them out! If you do not, or if you
turn them in late, your financial aid
can be at risk.
12. Determining Need:
FAFSA
• Students file
the Free
Application
for Federal
Student Aid
every year, as
close to
January 1 as
possible.
EFC
• The US
Department
of Education
uses your
FAFSA data to
compute your
Expected
Family
Contribution.
COA
• Your college
determines
their own
Cost of
Attendance
—that is, an
estimate of
how much
your
tuition, fees, &
living
expenses will
cost for one
academic
year.
13. Financial Need Is:
Cost of
Attendance
(COA)
Expected
Family
Contribution
(EFC)
Financial
Need
Your financial need will vary between
schools, but your EFC will remain the same.
14. Here is another way to look at financial need.
These costs are just estimates, but you can see how financial
need varies by school, depending on the school’s COA.
EXAMPLE
COA $17,600 $25,100 $46,600
EFC $3,500 $3,500 $3,500
Financial
Need
$14,100 $21,600 $43,100
Private
4-Year
University
Public
4-Year
University
Community
College
15. When will my college tell
me about my financial
aid award?
16. After you file your FAFSA and complete
any additional forms required by your
college, the college’s Financial Aid Office
will create your personalized financial aid
package.
The college will document your financial
aid package in a financial aid award
letter.
The financial aid award letter will list all
aid from all sources, as well as your
expected family contribution (EFC).
17. The Financial Aid Award Letter may
be sent to you electronically or by
mail.
It is your responsibility to review it and
compare it to award letters from the
other colleges you are interested in
attending.
You can decide whether to
accept, decline, or modify your
award.
19. Let’s Take a Closer Look:
This is the college’s best
estimate of how much it
will cost for one
academic year.
Keep in mind that you
have some control over
these figures. For
example, if your living
expenses are not going
to be as high as the
amount estimated, you
could choose to request
a lower loan amount.
20. This section lists all of
the aid available to
you at this time. If you
have earned a
scholarship that is not
shown here, notify the
financial aid office.
Remember, you do
not need to accept
all of the aid offered
to you. Do not accept
more loans than you
need—you will need
to pay them back
after graduation!
21. Decision Time
To accept an award, read and follow the
directions in the award letter. If you accept a
loan, you may have some additional steps to
take. Check with your financial aid office to be
sure.
Need more information about how to decide?
Check out the Federal Student Aid page about
accepting your college aid at
http://studentaid.ed.gov/fafsa/next-
steps/accept-aid
