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Types of Financial Aid

Financial Aid Fast Facts:

Need-based financial aid can come from the federal or state government as well as a student's college or university (called institutional aid).
To qualify for need-based financial aid, a student needs to demonstrate need by filling out the FAFSA. Some schools will also ask for a CSS profile. Based on these documents, institutions determine a student's estimated family contribution (EFC) and award financial aid accordingly.
Financial aid can also take the form of federal student loans. To learn more about student loans, visit mysmartborrowing.org.

Net Price vs. Sticker Price

Sticker Price- the amount that an institution advertises as its tuition, room & board
- Depending on the institution, this price usually runs between $20,000-$65,000. This is definitely a high cost, but don't get scared away from a college based off of this alone!
Net Price- the actual price you will pay for a college
- Net price is determined by taking the sticker price and subtracting all financial aid, scholarships, and grants that you may have.
Here's an example of the sticker price versus the net price. The College Scorecard (linked below) breaks down the net price based on how much a family makes:

Net Price Calculator
- Every college and university is required, by law, to provide an accurate Net Price Calculator somewhere on their website; this is a tool that tells interested students how much aid they could expect to receive based on their family's income.
You can also use College Scorecard to compare the net prices of the institutions you're interested in side by side.