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What is the student contribution calculation?

April 26, 2017calculation contribution student

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What is the student contribution calculation?

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A standard formula is used to calculate the student contribution for all applicants requesting federal financial aid. The federal government develops this formula and all universities (including the University of Michigan) that receive federal funds must use this formula. The information used in the formula comes from the Free Application for Federal Student Aid (FAFSA). The FAFSA asks questions about the size of your family, the number of family members in college, and your income assets. Assets include cash, checking and savings accounts, investments, and real estate holdings. Remember, if you are single, only your own financial information is used to determine your student contribution. All of this information is entered into the standard formula. After allowances are made for living expenses, the expected student contribution is calculated. The amount of the student contribution means two things: (1) how much you or your family appears to be able to pay toward your expenses and (2)