Understanding Your Financial Aid Award Letter
When you receive your financial aid award letter, there may be some terms used on your letter that need further explanation. Here’s a handy guide to help you out.
Gift Aid
This is aid that does not have to be repaid. This includes the Pell Grant, SEOG, TEG, other federal grants and private and institutional scholarships.
Other Federal Aid Awarded
This lists all other federal sources of aid, such as student loans, work study, etc.
Cost of Attendance
This is a budget built based on a student’s enrollment status and housing. This includes allowances for tuition & fees, room & board, supplies, transportation, and personal expenses. Cost of Attendance is NOT the amount a student is going to have to pay, but rather a maximum theoretical cost they should incur based on their enrollment plans. The University ONLY charges for direct costs which include tuition, fees, room and board.
Estimated Family Contribution (EFC)
This is the end result of the FAFSA. This is NOT the amount the family is expected to pay for the student to attend, but rather a number used to determine the student’s eligibility for programs like Pell Grant, Subsidized Loans, Work Study, etc.
Anticipated Resources
This figure includes all scholarships and other awards not mentioned above. Students can view a breakdown of their awards on their JICS account if more detailed information is needed.
