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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/
Merit Aid is based on the students academic, athletic, music and other merits, not
family finances.
27.Why is merit aid so great?
Merit Aid is great because any student can receive it.
28.What is important to know about merit aid at elite colleges?
It is important to know about merit aid at elite colleges because almost all do not
offer academic merit aid.
Student Gets Merit Aid but No Need-Based Aid
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.
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.
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 given a list of colleges to which the student has been
accepted for admission, and have been given an official financial aid award letter.
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 coast 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 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 because of student loans to fund a gain 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.)