Paying for College

Although costs at postsecondary institutions can vary, the amount you are expected to contribute stays the same. That’s where financial aid helps. If you want to go to a more expensive postsecondary institution, but you and your parents cannot contribute very much money toward your education, you will qualify for more financial aid because your financial need will be higher. In addition, visit with your financial aid director to see if you meet the qualifications of a “special condition,” i.e., loss of employment, loss of a wage earner, or a disability that requires additional services.

The eligibility and need for financial aid are determined by calculating the amount that you and your parents are able to contribute and then subtracting that amount from the cost of education at the postsecondary institution of your choice. The following are examples of family contributions, budgets, and the resulting need for financial aid.

*Cost of education includes such things as: tuition, fees, room, board, books, supplies, loan fees, and miscellaneous expenses.

**There is no need for financial aid since the family contribution exceeds or is equal to the cost of education.

***EFC can be parent contribution and/or student contribution.

Note that the family contributions remain the same regardless of which postsecondary institution you choose to attend. The cost of education is the variable in both examples. It is the “NEED FOR FINANCIAL AID” figure that the financial aid administrator will attempt to meet through a combination of grants, loans, and jobs. If a student’s “need for financial aid” is met through a student loan, the chart to the left is an example of what your monthly payments could be over a ten-year period.

For more information, visit http://mystudentloanonline.nd.gov/.