Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 3425 For 2015- 2016, the average cost of attendance (tuition, fees, books, room and board) for one year at a public four-year college (in-state) was approximately $21,000. The average cost for one year at a private four-year college was approximately $45,000. Attending a four-year college can be expensive, but there’s a great deal of financial aid available. There are also a number of ways to make col- lege more affordable. Financial Aid Overview Financial aid is money that is given, earned, or lent to help students pay for their education. Financial aid often makes it possible for students to attend colleges that would otherwise be too expensive. The four categories of financial aid are grants, scholarships, loans, and work- study. Grants and scholarships are considered “free money.” Loans and work- study are considered “self-help” programs. u Grant – money given, usually because of financial need u Scholarship – money awarded for exceptional academic achievement, outstanding talent, and/or financial need u Loan – borrowed money that must be repaid u Work - Study – money earned by working at a part-time job Financial aid is most often awarded in the form of a package. Packages, consisting of grants, scholarships, loans, and/or work-study, are put together by the college’s financial aid office. Financial aid is often awarded on a “first come, first serve” basis, so complete applications early. Except for merit-based scholarships, financial aid is generally awarded on the basis of financial need. Financial need is the difference between the cost of attending a college and the amount a family can afford to pay. For example, if a family can afford $4,000 and the cost of attending a college is $19,000, the studenthasafinancialneedof$15,000. Thegreaterthedifference,thegreater the need, and the more aid the student is eligible to receive. Part V Money for College