Student Aid Calculator

Student Aid Estimator

Use this calculator to estimate your potential financial need for college by inputting your expected costs and family financial information. This is an estimate and not a guarantee of aid.

function calculateAid() { // Get input values var tuitionFees = parseFloat(document.getElementById('tuitionFees').value); var roomBoard = parseFloat(document.getElementById('roomBoard').value); var booksSupplies = parseFloat(document.getElementById('booksSupplies').value); var otherExpenses = parseFloat(document.getElementById('otherExpenses').value); var parentIncome = parseFloat(document.getElementById('parentIncome').value); var studentIncome = parseFloat(document.getElementById('studentIncome').value); var parentAssets = parseFloat(document.getElementById('parentAssets').value); var studentAssets = parseFloat(document.getElementById('studentAssets').value); var familySize = parseInt(document.getElementById('familySize').value); var collegeStudents = parseInt(document.getElementById('collegeStudents').value); var scholarshipsGrants = parseFloat(document.getElementById('scholarshipsGrants').value); // Validate inputs if (isNaN(tuitionFees) || isNaN(roomBoard) || isNaN(booksSupplies) || isNaN(otherExpenses) || isNaN(parentIncome) || isNaN(studentIncome) || isNaN(parentAssets) || isNaN(studentAssets) || isNaN(familySize) || isNaN(collegeStudents) || isNaN(scholarshipsGrants) || tuitionFees < 0 || roomBoard < 0 || booksSupplies < 0 || otherExpenses < 0 || parentIncome < 0 || studentIncome < 0 || parentAssets < 0 || studentAssets < 0 || familySize < 1 || collegeStudents < 1 || scholarshipsGrants 1) { estimatedEFC = estimatedEFC / collegeStudents; } estimatedEFC = Math.round(estimatedEFC); // Round EFC to nearest dollar // 3. Calculate Financial Need var financialNeed = Math.max(0, totalCOA – estimatedEFC); // 4. Calculate Remaining Financial Need after existing grants/scholarships var remainingNeed = Math.max(0, financialNeed – scholarshipsGrants); // 5. Calculate Estimated Net Cost (COA minus all grants/scholarships) var netCost = Math.max(0, totalCOA – scholarshipsGrants); // Display results document.getElementById('totalCOA').innerText = '$' + totalCOA.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }); document.getElementById('estimatedEFC').innerText = '$' + estimatedEFC.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }); document.getElementById('financialNeed').innerText = '$' + financialNeed.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }); document.getElementById('appliedGrants').innerText = '$' + scholarshipsGrants.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }); document.getElementById('remainingNeed').innerText = '$' + remainingNeed.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }); document.getElementById('netCost').innerText = '$' + netCost.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }); } // Run calculation on page load with default values window.onload = calculateAid;

Understanding Your Student Aid Eligibility

Navigating the world of college finances can be daunting, but understanding how student aid is calculated is the first step towards making higher education affordable. Our Student Aid Estimator helps you get a preliminary idea of your financial need and potential aid eligibility.

What is Student Aid?

Student aid, also known as financial aid, refers to funds provided to students to help cover the costs of postsecondary education. This aid can come from federal and state governments, colleges, and private organizations. It typically falls into a few categories:

• Grants: Money you don't have to repay, usually based on financial need.
• Scholarships: Money you don't have to repay, often based on merit (academics, athletics, talent) or specific criteria.
• Work-Study: A program that allows students to earn money to help pay for educational expenses through part-time jobs.
• Loans: Money you borrow and must repay, usually with interest.

Key Components of Student Aid Calculation

The core of determining your student aid eligibility revolves around two main figures:

1. Cost of Attendance (COA)

The COA is the total amount it will cost to attend a particular college for one academic year. It's not just tuition! It includes:

• Tuition and Fees: The direct cost of instruction and administrative fees.
• Room and Board: The cost of housing and a meal plan, whether on-campus or an allowance for off-campus living.
• Books and Supplies: An estimate for textbooks, course materials, and other academic necessities.
• Other Expenses: This category covers personal expenses (toiletries, entertainment), transportation costs (travel to and from home), and miscellaneous items.

Each college sets its own COA, and it can vary significantly. Our calculator sums up these individual components to give you your estimated total COA.

2. Expected Family Contribution (EFC)

The EFC is an index number that colleges use to determine how much financial aid you are eligible to receive. It's not the amount of money your family will actually pay, but rather an estimate of your family's financial strength and ability to contribute to your education. The actual EFC is calculated using a complex formula established by federal law (for federal aid via FAFSA) or institutional methodology (for institutional aid via CSS Profile).

Our calculator uses a simplified EFC estimation based on:

• Parents' and Student's Income: A percentage of income is considered available for educational expenses.
• Parents' and Student's Assets: A portion of savings, investments, and other assets are also factored in.
• Family Size and Number of College Students: These factors can reduce the EFC, as families with more dependents or multiple children in college are expected to contribute less per student.

It's crucial to remember that this calculator provides a simplified EFC. The official EFC from your FAFSA or CSS Profile will be the definitive number used by colleges.

Calculating Your Financial Need

Once the COA and EFC are determined, your financial need is calculated with a straightforward formula:

Financial Need = Cost of Attendance (COA) – Expected Family Contribution (EFC)

This "Financial Need" represents the gap between what college costs and what your family is expected to contribute. Colleges then try to fill this gap with various types of financial aid.

Net Cost and Remaining Need

After calculating your initial financial need, we also consider any scholarships or grants you've already secured. These "free money" sources directly reduce your costs.

• Remaining Financial Need: This is your initial financial need minus any scholarships and grants you've already received. This figure indicates how much more need-based aid you might still be eligible for.
• Estimated Net Cost: This is your total COA minus all your scholarships and grants. It represents the amount you or your family will likely need to cover through savings, loans, or work-study.

Example Scenario:

Let's consider a student with the following inputs:

• Annual Tuition & Fees: $20,000
• Annual Room & Board: $12,000
• Annual Books & Supplies: $1,500
• Annual Other Expenses: $3,000
• Parents' Adjusted Gross Income: $80,000
• Student's Adjusted Gross Income: $5,000
• Parents' Total Assets: $50,000
• Student's Total Assets: $2,000
• Number of People in Household: 4
• Number of Family Members in College: 1
• Total Scholarships & Grants Already Received: $5,000

Based on these inputs, the calculator would estimate:

• Total Cost of Attendance (COA): $20,000 + $12,000 + $1,500 + $3,000 = $36,500
• Estimated Expected Family Contribution (EFC): Approximately $18,000 (based on our simplified formula)
• Calculated Financial Need: $36,500 – $18,000 = $18,500
• Remaining Financial Need (Potential Aid Eligibility): $18,500 – $5,000 (grants) = $13,500
• Estimated Net Cost (After Grants): $36,500 – $5,000 (grants) = $31,500

This means the student has an estimated financial need of $18,500, and after applying their existing scholarships, they still have a remaining need of $13,500 that could potentially be covered by additional need-based aid. Their family would be responsible for approximately $31,500 after grants.

Important Disclaimer:

This Student Aid Estimator provides a general estimate based on simplified formulas. The actual financial aid package you receive will depend on many factors, including the specific college's policies, the accuracy of your FAFSA and CSS Profile applications, and the availability of funds. Always consult with a financial aid officer at your prospective colleges for precise information.