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If the child qualifies for the federal Pell Grant for low-income students and an applicable state grant, that will be put into the package first.Nearly all schools also put in a federal Direct Loan, which for freshman is ,500.,000 Cost of Attendance Aid ,000 After the Direct Loan is subtracted, the family would get nearly ,000 in grants/scholarships (free money) to attend this school.Some of the most elite schools won’t put in a Direct Loan.For instance, Boston College says it meets 100% of a student’s financial need, but its aid formula calculates the full value of a family’s home equity. ) Many schools haven’t adopted such a harsh stance against home equity.Boston College also takes a much closer look at other aspects of a family’s finances than some of the other schools.You can only count on this happening, however, at the most elite schools that enjoy the best college rankings.
In this case, let’s assume the child doesn’t qualify for any state of federal grants at a school that meets 100% of need.
Let’s say the financial aid formula says your family can afford to pay ,000 for one year of college.
(That’s represented by your Expected Family Contribution.) Your child is lucky and gets into a ,000 school that promises to meet 100% of its students’ financial need. Schools will look for outside help first to build that ,000 package.
Go to a home electronics store and purchase a Y adapter cable of the proper length.
At one end the cable will have a plug to go into the headphone jack of your computer.