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Use the article from Forbes to answer these questions in complete sentences. Please
change your responses to another color or bold.
http://www.forbes.com/sites/troyonink/2014/11/28/2015-guide-to-fafsa-css-profile-collegefinancial-aid-and-expected-family-contribution-efc/
29.What will happen if a student qualifies for merit aid but not need-based aid?
The student will get an out of pocket cost that will be a sticker price minus the
merit aid award.
Why Merit Aid Reduces Need-Based Aid Eligibility
30.True or False: If you qualify for need based aid and merit aid, you subtract both of them from
the college cost to determine how much you will pay.
False the government pays less for you
31.True or False: If you qualify for need based aid and earn a scholarship, you will have a lower
cost to pay than if you did not have the scholarship.
False the scholarship comes out of the need based aid
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process?
The information given will be a list of colleges that the student has been accepted
to.
33.What elements are included in the financial aid award letter?
The elements are the students eligibility for aid, scholarships, awards, state
grants, student loans, and work-study.
34.What factors contribute to the total cost of attendance?
The factors that contribute to the total cost are tuition, fees, room, board, books,
travel and personal expenses/
35.What is the formula for out-of-pocket cost?
The formula for out of pocket cost is the cost of attendance of each college minus
the amount of the aid package at each college.
36.Why might the out-of-pocket cost be greater than what is calculated using that formula?
The out of pocket cost might be greater because of student loans to fund a given
college.
Extra Credit: At home, speak with your parents and review the chart in the article 2015 EFC
Quick Reference Table for College Aid and answer these questions.
A. Is it likely you will qualify for need-based financial aid?
B. What is the plan to pay for college?
C. Are there any colleges your parents will not let you go to? Or, are there any limits they
have for where you can go to college? (Distance, cost, 2-year or 4-year, etc.)