Q:  What are "total expenses"?

 

Total expenses, as listed on your Award Letter, is the estimated cost of attendance (COA).   COA is the estimate of what it will cost to attend AU and live in Auburn for the academic year.  This figure consists of estimated tuition, books, room/board, personal, and transportation costs.  The only items from this list that are billed directly by AU are tuition and room (if living on campus).  Other items could be higher or lower than our estimates depending on personal spending habits.

 

 

Q:  What is "Expected Family Contribution" (EFC)?

 

Family Contribution, as listed on your Award Letter, is the indicator of how much you and your family are expected to contribute to your education. The Federal Processor calculated your EFC based on the data that you provided on the federal aid application (FAFSA).  We use the EFC, among other factors, to determine how much and what types of aid that you qualify for.  If your EFC is 0, the Family Contribution field on your Award Letter will be blank.

 

 

Q:  What is "estimated other aid"?

 

Estimated other aid, if listed on your Award Letter, includes other aid sources that you reported to us or other aid that we have identified on your student billing statement.  These resources include but are not limited to PACT, Fee Waivers,  AL GI Dependents Scholarship Program, ANGEAP, and any other outside scholarships or loans.

 

 

Q:  What is "need"?

 

Need, as listed on your Award Letter, is the difference between your total expenses (COA) and the amount of money your family is expected to contribute (EFC). The formula is: COA minus EFC minus other aid = Financial Need. The need amount represents the limit of your eligibility to participate in need based programs which include grants, Subsidized Stafford Loans, Perkins Loans, and Federal Work Study.  If your calculated need is 0, you may qualify for non-need based aid such as Unsubsidized Federal Loans and/or Federal Parent PLUS Loans.

 

 

Q:  What is "unmet need"?

 

Unmet need, as listed on your Award Letter, is the amount of need that we cannot meet from need based aid programs.   Unmet need = Need minus need-based aid.  You may have unmet need after being awarded the maximum limits you qualify for in need based programs.  Unmet need is not something that is billed to you, your Award Letter is not your bill.

 

 

Q:  How much will my family and I be expected to pay (excluding financial aid) for my education over the course of the school year?

 

The amount the student and/or family can expect to pay for tuition, books, room/board, personal, transportation = Total expenses minus Total aid.  In most cases, students do not receive enough aid to cover the full COA.  Parent Loans and alternative loans are available to make up the difference. 

 

 

Q:  If my parent is approved for a PLUS Loan (credit check is required) how much can they borrow?

 

A parent of a dependent undergraduate student can borrow the amount of Total expenses minus Total aid that the student has received.

 

 

Q:  Can I still accept my aid if I have missed the 14 day deadline to return my Award Letter?

 

We encourage you to return your Award Letter as soon as possible. We will accept Award Letters after the 14 day deadline; however, if not received within one month of the mail date, funds are subject to cancellation.  Many financial aid funds are limited; funds that you do not accept will be allocated to other students.