What is the cost of attendance and how does it affect my student loans?
One of the most important aspects of financial aid is the cost of attendance or the student budget. Really, the two terms are synonymous. Before a school awards financial aid, the financial aid office will determine how much money it should take you to attend school. The office will factor in the cost of tuition, fees, books, and living expenses. The school should also factor in whether you are dependent on your parents or are an independent student (independent students are often given a larger cost of attendance). Finally, the school will determine whether you are expected to contribute to the cost of your education based on the financial information you supplied in your Free Application for Federal Student Aid (FAFSA). The school will call this your EFC or your Estimated Family Contribution. Once an EFC and budget has been established, the school will subtract the EFC from your total cost of attendance to arrive at the amount of financial aid you may receive. The school will then su
