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Sample Financial Aid Package

When you apply for financial aid at a school you are considering, your school tells you what financial aid you can receive by sending you an award letter showing your estimated financial aid package. Remember to read your award letter carefully and weigh all of your options. You decide which college is best for you.

(Costs at independent colleges and universities vary. Please check with the financial aid office at the school(s) you are considering for more detailed information.)

Sarah's Financial Aid Comparison

This is an example of possible financial aid packages for the same student, Sarah, who is thinking about attending college. Sarah has applied for financial aid at three different schools, each of a different type. She is comparing what her options would be if she attended different types of colleges and universities.

Expenses Research Universities Regional Universities Community Colleges
Tuition $2,981 $2,356 $1,507
Mandatory Fees $1,406 $912 $658
Average Academic Service Fees $530 $108 $81
Room and Board* $5,396 $3,543 $3,648
Books and Supplies $974 $895 $1,029
Transportation $500 $500 $500
Miscellaneous $1,500 $1,500 $1,500
Total Cost of Attendance $13,287 $9,814 $8,923
Expected Family Contribution -$1,000 -$1,000 -$1,000
Total Financial Need $12,287 $8,814 $7,923
Pell Grant $3,100 $3,100 $3,100
Oklahoma Tuition Aid Grant $1,000 $1,000 $1,000
Oklahoma's Promise-OHLAP $2,981 $2,356 $1,507
Tuition Waiver $1,000 $0 $750
Other Grant/Scholarship $1,000 $0 $916
Federal Work Study $1,700 $1458 $650
Federal Stafford Loan $1,506 $900 $0
Total Financial Aid Package $12,287 $8,814 $7,923
*Note: Room and board estimates are based on a student living in a traditional dormitory with a roommate and participating in a 20-meal-per-week plan. Many institutions offer a wide variety of room and board plans, and costs may differ from the average reported above.

The first few lines show the expenses that Sarah can expect over the course of the school year at each of her schools. The total of these expenses is Sarah's "Cost of Attendance," and it is different at each type of school she is considering. In this example, Sarah's expenses for Tuition, Fees, and Books are based on her plans to be a full-time student in both the fall and spring semesters-- she has decided to take 15 credit hours in the fall and 15 credit hours in the spring. She also plans to live in a dormitory, and has chosen a 20-meal-per-week plan. Her Room and Board costs are based on those choices.

When Sarah filled out her FAFSA, it calculated that her Expected Family Contribution (EFC) would be $1,000 for this year. Sarah and her family plan to pay that amount over the course of the school year.

Sarah's Financial Need at each type of school is calculated by subtracting her Expected Family Contribution from her Cost of Attendance. The financial aid office at each school then put together a statement that shows the types of aid that Sarah is eligible for.

In this case, Sarah thought about college early, and signed up for the Oklahoma's Promise — OHLAP scholarship program in 8th grade and met the requirements by the time she graduated. She also filled out her FAFSA in early February, which helped her to qualify to receive an Oklahoma Tuition Aid Grant (OTAG) award. Sarah also made sure that she met all of the financial aid deadlines for each school, and because of that, some of the schools had scholarship and tuition waiver money that they were able to award to her. All of this planning helped Sarah to keep the amount of loan money she would need to a small amount. The amount of student loan Sarah needed was different at each type of school based on the school's costs and the amount of other types of aid each school could offer her.