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Is a set formula used to determine financial aid awards? If so, what is the formula?

April 26, 2017awards determine financial aid Formula Used

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Is a set formula used to determine financial aid awards? If so, what is the formula?

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Yes, a formula is used, and this approach works well to determine awards that are fair and equitable. The formula is: Student Budget = total cost for one year, including tuition, room/board, and all other expenses.