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Is a set formula used to determine financial aid awards? If so, what is it?

April 26, 2017awards determine financial aid Formula Used

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Is a set formula used to determine financial aid awards? If so, what is it?

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Yes, a formula is used: Budget – Resources = Need = Financial Aid. This approach works well to determine awards that are fair and equitable. Budget = total cost of attending the School of Medicine for one year, including tuition, room/board, travel, health insurance and all other expenses. Resources = money available from the student and the student’s family (usually parents) Need = difference between the total budget and total available money Financial Aid = total of educational loans and scholarship funds awarded to the student. To summarize: First the student’s budget is determined, followed by the student’s available resources. “Need” is calculated by subtracting the resource amount from the budget. Finally, a financial aid award is determined, consisting of a mixture of loans and scholarship funds equal to the student’s total need.