Profile 1 - First Student

Preparing Your Child For College: 1996-97 Edition

Source

United States Department of Education

Table of Contents

Cover Page

A Note to Parents

General Questions About College

Preparing for College

Choosing a College

Financing a College Education

Long-Range Planning

Important Terms

Other Sources of Information

I. Student's Background

        Family Income...........................$20,000
        Family Size...................................4
        Number of Family Members in College...........1

II. Characteristics of the College That Student Would Like To Attend and Student's Financial Aid Package at That College

        Student's Financial Aid Package at This College:
        Total Cost of Education..................$4,600
        Expected Family Contribution (EFC)
        Parents......................................$0
        Student......................................$0
                                                ---------
        Financial Need...........................$4,600

For this student, the total cost of education is $4,600. When you subtract the EFC, the financial need is the same as the total cost of education -- $4,600. Therefore, the financial aid package below was offered to the student.

Example of Financial Aid Package:

        Financial Need...........................$4,600

        Pell Grant................................2,340
        SEOG**......................................660
        State Aid...................................600
        Work Study................................1,000
                                                ---------
        Total Financial Aid......................$4,600

B. A 4-Year Public College. Total cost of attending this institution comes to $8,000.*

        Student's Financial Aid Package at This College:
        Total Cost of Education..................$8,000
        Expected Family Contribution (EFC)
        Parents......................................$0
        Student......................................$0
                                                ---------
        Financial Need...........................$8,000

For this student, the total cost of education is $8,000. When you subtract the EFC, the financial need is the same as the total cost of education -- $8,000. Therefore, the financial aid package below was offered to the student.

Example of Financial Aid Package:

        Financial Need...........................$8,000

        Pell Grant................................2,340
        SEOG**......................................850
        Work-Study................................1,100
        Perkins Loan***...........................1,000
        State Aid.................................1,210
        Stafford Loan.............................1,500
                                                ---------
        Total Financial Aid......................$8,000

C. A 4-Year Private College. Total cost of attending this institution comes to $18,750.*

        Student's Financial Aid Package at This College:
        Total Cost of Education.................$18,750
        Expected Family Contribution (EFC)
        Parents......................................$0
        Student......................................$0
                                                ---------
        Financial Need..........................$18,750

Example of Financial Aid Package:

        Financial Need..........................$18,750

        Pell Grant................................2,340
        SEOG**....................................1,000
        Work-Study................................1,200
        Perkins Loan***...........................1,000
        Stafford Loan.............................2,625
        State Aid.................................1,400
        Institutional Aid.........................9,185
                                                ---------
        Total Financial Aid.....................$18,750

PROFILE 2 - SECOND STUDENT

I. Student's Background

        Family Income...........................$40,000
        Family Size...................................4
        Number of Family Members in College...........2

II. Characteristics of the College That Student Would Like To Attend and Student's Financial Aid Package at That College

        Student's Financial Aid Package at This College:
        Total Cost of Education..................$4,600
        Expected Family Contribution (EFC)
        Parents..................................$1,468
        Student**** (from summer job savings).....$ 250
                                                ---------
        Financial Need...........................$2,882

For this student, the total cost of education is $4,600. When you subtract the EFC, the financial need is $2,882. Therefore, the financial aid package below was offered to the student.

Example of Financial Aid Package:

        Financial Need...........................$2,882

        Pell Grant..................................872
        SEOG**......................................510
        Work-Study..................................700
        Stafford Loan...............................800
                                                ---------
        Total Financial Aid......................$2,882

B. A 4-Year Public College. Total cost of attending this institution comes to $8,000.*

        Student's Financial Aid Package at This College:        
        Total Cost of Education..................$8,000
        Expected Family Contribution (EFC)
        Parents..................................$1,468
        Student**** (from summer job savings).....$ 250     
                                                ---------        
        Financial Need...........................$6,282
        

For this student, the total cost of education is $8,000. When you subtract the EFC, the financial need is $6,282. Therefore, the following financial aid package was offered to the student.

Example of Financial Aid Package:

        Financial Need...........................$6,282

        Pell Grant..................................872
        SEOG**......................................610
        Work-Study................................1,400
        Stafford Loan.............................1,800
        State Aid...................................600
        Perkins Loan***...........................1,000
                                                ---------
        Total Financial Aid......................$6,282

C. A 4-Year Private College. Total cost of attending this institution comes to $18,750.*

        Student's Financial Aid Package at This College:
        Total Cost of Education.................$18,750
        Expected Family Contribution (EFC)
        Parents.................................$ 1,468
        Student**** (from summer job savings)......$250
                                                ---------
        Financial Need..........................$17,032

For this student, the total cost of education is $18,750.* When you subtract the EFC, the financial need is $17,032. Therefore, the financial aid package below was offered to the student.

Example of Financial Aid Package:

        Financial Need..........................$17,032

        Pell Grant..................................872
        SEOG**....................................1,260
        Work-Study................................1,500
        Perkins Loan***...........................3,000
        Stafford Loan.............................2,625
        State Aid...................................800
        Institutional Aid.........................6,975
                                                ---------
        Total Financial Aid.....................$17,032

** An SEOG is a Supplemental Educational Opportunity Grant - - which is a Federal award that helps undergraduates with financial need, and is awarded by the school.

*** A Perkins Loan is a low-interest Federal loan for undergraduates and graduate students with financial need, and is awarded by the school.

**** The student worked during two summer vacations while in high school and saved $715. Thirty-five percent of this amount, or $250, is expected to be used for the student's college education.

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