Financial aid refers to funding intended to help students pay expenses related to their education. Sources may be from grants, scholarships, loans and work-study programs from federal, state, institutional and private sources. Financial aid from these programs may be combined in an "award package" to meet or defray from the cost of education.
Financial Aid is not intended to cover all basic living expenses. However, in many cases it is available to help students achieve their college goals without placing a financial burden on their families.
Financial aid may be awarded based on merit or need. Merit-based aid is awarded based on the recognition of special skills, talents, or academic ability. Need-based aid is awarded based on the applicant demonstrating financial need for the award.
Financial need is the difference between the cost of attending Walters State and the family's ability to pay. The family's ability to pay, called the Expected Family Contribution (EFC), is determined by completing a need analysis application, the Free Application for Federal Student Aid (FAFSA):
Personal expenses, room and board, and transportation costs are components normally used in calculating the cost of attendance. An example of the typical cost of attendance for two semesters at 15 credit hours per term is listed below:
|Tuition/Fees||$ 3,520||$ 13,647|
|Books & Supplies||1,200||1,200|
|Total||$ 12,120||$ 22,247|
This calculator is intended to provide estimated net price information (defined as estimated cost of attendance — including tuition and required fees, books and supplies, room and board (meals), and other related expenses — minus estimated grant and scholarship aid) to current and prospective students and their families based on what similar students paid in a previous year.