Pathways: Financing Higher Education™ Budgeting For Your Loans

What are you calculating if you add an estimate of tuition, fees, room and board, books, supplies, and other higher education expenses?

• Cost of Attendance (COA)

• Expected Family Contribution (EFC)

• Financial aid

• Grant and scholarship costs

How is cost of attendance (COA) determined at an institute of higher education?

• It's based on tuition so it is calculated from the number of classes you enroll in.

• It is an estimate of tuition, fees, room and board, books, supplies and other expenses.

• It combines financial aid, what your family can pay, plus tuition and room and board.

• It is the cost of tuition plus taxes.

If you calculate the cost of attendance (COA) at an institute of higher education, what are you including?

• Grants and scholarships

• Loans and special programs such as work-study and ROTC

• Tuition, fees, room and board, books, supplies and other expenses.

• Interest earned on loans, grants and scholarships

What do the initials EFC mean?

• Expected Fraternity Cooperation

• Estimated Financial Conditions

• Enrolled Financial Classes

• Expected Family Contribution

What is considered by the federal government to be what your family will be able to pay per year toward your school expenses?

• Expected Family Contribution (EFC)

• Projected Financial Aid Package (PFAP)

• Cost of Attendance (COA)

• Family Loan Savings Plan (FLSP)

What does Expected Family Contribution (EFC) mean?

• How much a bank needs to see in your accounts before it will offer any student loans.

• How much the federal government expects your family will be able to contribute per year toward your school expenses.

• How much your institute of higher education expects your family to have on hand in case financial aid is not available.

• How much the federal government expects the college to contribute per year toward your school expenses.

Financial aid letters show your aid and costs of attendance for _____.

• one year

• one semester

• the entire time you plan on attending

• four years

Which of the following is true about financial aid letters from institutes of higher education?

• They only describe the types of financial aid you are eligible for; you then must apply for it all.

• They include funding for every year that you are enrolled in school.

• They only include aid for one year. You must reapply for financial aid every year.

• They include funding that must be accepted as a full package.

Financial aid letters from institutes of higher education show your yearly aid and costs for attending. This means that you will need to ____.

• apply for admission now that you know the financial aid offer

• accept everything that they offer

• accept your aid faster than other students

• reapply for aid every year

What do you need to consider to decide if you can afford to go to an institute of higher education?

• Tuition costs, scholarships, and grants

• Cost of Attendance (COA) and loan costs

• Cost of Attendance (COA) and financial aid

• Terms of work-study offers