How to Calculate Financial Aid Needs

Financial aid is the only reason some students are able to attend college. It's a wonderful option for families who simply can't afford the high price of tuition. But taking too much financial aid can lead to financial problems after graduation. Thankfully, there is a way to calculate your financial aid needs.

Instructions

Difficulty: Easy

1. Figure out how much your family can afford. Look at how much you already have set back and how much you can continue to pay.
2. Add money that the student will be able to contribute. Work study programs might mean your tuition bill will be less expensive. Or maybe the student plans to get a job to help pay tuition. The amount of money the student can contribute should be taken into account.
3. Estimate the total cost of college. Include all the credit hours you plan to take and any fees that may be charged. Remember to include costs for room and board, books and any other expenses that you know of.
4. Subtract the total amount contributions from the total cost of college. This should give you an approximate amount of financial aid that you'll need.
5. Take advantage of online tools. Several websites offer financial aid calculators to help you determine the amount of financial aid you'll need. And a financial aid worksheet is a more detailed way to calculate costs.
6. Allow a little extra. There's always a little bit extra that can come up during a school year. If your budget can't handle the unexpected expense, it might be smart to take out a little bit of extra financial aid. Then, you know you'll be covered no matter what comes up.

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