Financial Aid Explained
Financial aid is any assistance
with paying for tuition, books and supplies, and falls into one of two
categories:
- The kind you must pay back
(student loans), and
- The kind you don’t (grants and scholarships)
There are three ways that funds
can be made available to you. Your unique financial aid package will include
at least one of the three basic types of aid:
- Loans – are from federal,
state, local government, or private bank programs. Government loans usually
offer lower interest rates than consumer loans.
- Grants – are based on your
need for assistance and other considerations.
- Scholarships – are awarded
based on your performance in some academic, athletic, artistic, or social
activity.
You may also qualify for a
Federal Work-Study program (FSWP). It’s one of several
ways to reduce
education costs—in this case, through opportunities to earn money while
attending school. The amount awarded is based on your need and the
availability of funds.
Whether you think you qualify
for aid or not, we strongly encourage you to learn more by submitting an
online FAFSA application as early as possible. You’ll be automatically
considered for all available federal and school programs.
How It All Comes Together
Following are two examples of actual Goodwin student financial aid packages.
They will give you a better idea of what your aid package might look like.*
Example A
Susan is a recent high school graduate and full-time student in Goodwin
College’s A.S. Health program. She and her family were concerned about how
they would pay for college. But with the help of Goodwin’s financial aid
staff, she put together a package that brought the family’s out-of-pocket
expense to $0.
With an Expected Family Contribution of 357, Susan’s
family chose to borrow through the PLUS loan program. Total charges for her
first academic year (two semesters), including books and fees, came to
$18,600. Here is how her complete financial aid package looked:
Pell Grant $ 5,200
CT Ind. College Student Grant $ 4,000
Academic Competitiveness Grant $ 750
Subsidized Stafford Loan $ 3,500
Unsubsidized Stafford Loan $ 2,000
Parent Loan $ 3,150
Susan’s out-of-pocket balance $ 0.0
Example B
Tamika spent a semester at a local community college before enrolling
full-time in Goodwin’s A.S. Medical Assisting program. Her EFC was zero, and
total charges, including books and fees for her first academic year, were
$18,400. Here is how the financial aid staff put together her financial aid
package:
Pell Grant $ 5,550
CT Ind. College Student Grant $ 4,000
Subsidized Stafford Loan $ 3,500
Unsubsidized Stafford Loan $ 5,350
Tamika’s out-of-pocket balance $ 0.0
* Choosing to make monthly
payments directly to Goodwin, rather than accept a loan, is always an
option.
