If I apply for financial aid, is the award amount based on how much my specific schooling costs will be?

I am wondering if students get awarded a set amount of money based directly on ones income, then the student just spends it on whatever college they would like to go to. If I go to community college, and I am a independent student, will I be able to get more money back to spend on living expenseses then say going to a 4 year school?

Public Comments

1. Your financial aid packages are presented by the school. Therefore, if you apply to several different schools, you could get different offers. That is because each school has its own private money to play with. You could be offered scholarships from the school, grants, on campus work, etc. Federal monies, such as Pell grants, Stafford loans, etc, have a set amount that can be awarded, regardless of your income OR the school cost. Not everyone will qualify, but if you are eligible for those, the amount is set by the government. They are not enough to cover all your educational costs. Many people are under the impression that once they complete their FAFSA, they will get a check that they can use anywhere. NO. You have to specify what schools you are applying to, and the SCHOOL sends you information on what financial aid you are eligible for. It could work out that you would get a package that could cover all your tuition, room and board and have some $$$ left over for books, etc. But the only way you would have money to pick and choose your school would be to get a private loan.
2. When you complete the FAFSA (Free Application for Federal Student Aid - www.fafsa.ed.gov) an EFC (Expected Family Contribution) is generated. Schools use the EFC in conjunction with their COA (Cost of Attendance) to determine what types/how much aid a student is awarded. If you have an EFC of less than 4111 then you may be eligible to receive a Pell Grant. That award amount will be the same regardless of what type of school you attend. Stafford loan is another federal program - you may receive Subsidized, Unsubsidized, or a combination of both based on your determined financial need at the school (more information on the Stafford Loan program, including loan limits, may be found at www.finaid.org/loans). There are other types of federal and institutional aid that you may be eligible for. Most will have a max limit you may receive for a specific award. No matter what type of aid you receive, you will not be able to go over the COA of the school. If you have a couple of different schools in mind, you should talk to a financial aid officer so that you can receive more information/guidance as it pertains to your query. Good luck!