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College admissions

Course: College admissions > Unit 5

Lesson 6: Financial aid packages
Life skills
College admissions
Paying for college
Financial aid packages
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Sample financial aid package

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Introduction

Now that we've discussed financial aid packages in general, let's take a look at a few example packages for students at Stanford University.  These packages  are not meant to indicate exactly what you would receive if you were accepted at Stanford; rather, it is meant to give you a sense of how financial packages can be constructed across a variety of income levels.
You can find more information about financial aid awards at Big Future.

Sample package for student whose family makes $41k/year

First up, we have an example financial aid package for a student coming from a family of 5 that makes $41,000 / year.  This package is built assuming that the student is the only child in the family attending college (if multiple children are attending at the same time, it can increase the amount of need-based aid a family receives).
The cost of attendance per year is listed at $63,206.  The student received a total of $60,206 in need-based scholarships/grants, covering nearly the entire cost of attendance.  This leaves a net cost for the student of $3,000/year which he/she can cover through work-study as recommended below:
Stanford Financial Aid
March 28, 2014 Original Leland Stanford, Jr
Cost of attendance: The budget includes the actual cost of tuition and certain fees, and a standard amount for housing and meals. Allowances for the typical costs of books and supplies, personal expenses, and transportation to and from campus are estimates of your actual expenses and included for the purpose of determining the full cost of attendance and eligibility for aid. Tuition: $44,184, Room and Board: $13,631, Campus health services fee: $573, Orientation fee: $438, Books and supplies: $1,425, Personal expenses: $2,550, Travel: $405, Total Expenses: $63,206.
Scholarships and grants: This is gift aid that does not have to be paid back. Aid from Stanford is awarded based on our calculation of your need. If information is still required, these awards are estimates and may change. Details regarding quarterly amounts can be found at axess.stanford.edu. Stanford resources: Stanford Fund Scholarship $50,476, Federal/State resources: Pell Grant $5,730 and SEOG Grant $2,000, Outside resources: Outside scholarship/grant $2,000, Total Grants and scholarships: $60,206.
Net cost to you: Net cost is cost of attendance minus scholarships and grants. Additional resources listed below may be available to help you with the Net Cost. Total Net Cost: $3,000.
Parent contribution: Calculated amount based on information provided on your financial aid application and a standard formula. Parent contribution: $0.
Student responsibility: You are expected to contribute through summer earnings and assets as well as earnings during the academic year. For information about applying for jobs on campus see financialaid.stanford.ed/aid/employ. You may also meet your student responsibility through outside scholarships and/or student loans. Student contribution: $200, Academy year job earnings: $2,800.
Loan programs: Student of parent loans may be available to help finance your net cost. Any loans listed here have been offered for that purpose. You may be eligible for additional loans; see details about loan eligibility and processing instructions at financialaid.stanford.ed/aid/loans. Your total student indebtedness at Stanford, excluding loans not yet accepted, is $0.
This award is contingent upon receipt and review of your parent’s signed complete 2013 federal income tax return (including W-2s) as submitted to CSS IDOC. The review may result in a change in the aid awarded if actual figures differ from those on the application.

Sample package for student whose family makes $85k/year

Next we have an example financial aid package for a student coming from a family of 4 that makes $85,000 / year.  This package is built assuming that the student is the only child in the family attending college (if multiple children are attending at the same time, it can increase the amount of need-based aid a family receives).
The cost of attendance per year is listed at $63,206.  The student received a total of $50,706 in need-based scholarships/grants, leaving a net cost of $12,500/year for the family to cover.  The package recommends that the parents contribute $7,500 and the student contributes $2,200 from earnings or savings; however, those amounts could be supplemented by Federal Loans if desired.  Finally, it is suggested that the student cover the remaining $2,800 through a work-study job:
Stanford Financial Aid
March 28, 2014 Original Leland Stanford, Jr
Cost of attendance: The budget includes the actual cost of tuition and certain fees, and a standard amount for housing and meals. Allowances for the typical costs of books and supplies, personal expenses, and transportation to and from campus are estimates of your actual expenses and included for the purpose of determining the full cost of attendance and eligibility for aid. Tuition: $44,184, Room and Board: $13,631, Campus health services fee: $573, Orientation fee: $438, Books and supplies: $1,425, Personal expenses: $2,550, Travel: $405, Total Expenses: $63,206.
Scholarships and grants: This is gift aid that does not have to be paid back. Aid from Stanford is awarded based on our calculation of your need. If information is still required, these awards are estimates and may change. Details regarding quarterly amounts can be found at axess.stanford.edu. Stanford resources: Stanford Fund Scholarship $50,706, Total Grants and scholarships: $50,706
Net cost to you: Net cost is cost of attendance minus scholarships and grants. Additional resources listed below may be available to help you with the Net Cost. Total Net Cost: $12,500.
Parent contribution: Calculated amount based on information provided on your financial aid application and a standard formula. Parent contribution: $7,500.
Student responsibility: You are expected to contribute through summer earnings and assets as well as earnings during the academic year. For information about applying for jobs on campus see financialaid.stanford.ed/aid/employ. You may also meet your student responsibility through outside scholarships and/or student loans. Student contribution: $2,200, Academy year job earnings: $2,800.
Loan programs: Student of parent loans may be available to help finance your net cost. Any loans listed here have been offered for that purpose. You may be eligible for additional loans; see details about loan eligibility and processing instructions at financialaid.stanford.ed/aid/loans. Your total student indebtedness at Stanford, excluding loans not yet accepted, is $0.
This award is contingent upon receipt and review of your parent’s signed complete 2013 federal income tax return (including W-2s) as submitted to CSS IDOC. The review may result in a change in the aid awarded if actual figures differ from those on the application.

Sample package for student whose family makes $185k/year

Finally, we have an example financial aid package for a student coming from a family of 4 that makes $185,000 / year.  This package is built assuming that the student is the only child in the family attending college (if multiple children are attending at the same time, it can increase the amount of need-based aid a family receives).
The cost of attendance per year is listed at \63,206.  The student received a total of $8,206 in need-based scholarships/grants, leaving a net cost of $55,000/year for the family to cover.  The package recommends that the parents contribute $50,000 and the student contributes $2,200 from earnings or savings; however, those amounts could be supplemented by Federal Loans if desired.  Finally, it is suggested that the student cover the remaining $2,800 through a work-study job:
Stanford Financial Aid
March 28, 2014 Original Leland Stanford, Jr
Cost of attendance: The budget includes the actual cost of tuition and certain fees, and a standard amount for housing and meals. Allowances for the typical costs of books and supplies, personal expenses, and transportation to and from campus are estimates of your actual expenses and included for the purpose of determining the full cost of attendance and eligibility for aid. Tuition: $44,184, Room and Board: $13,631, Campus health services fee: $573, Orientation fee: $438, Books and supplies: $1,425, Personal expenses: $2,550, Travel: $405, Total Expenses: $63,206.
Scholarships and grants: This is gift aid that does not have to be paid back. Aid from Stanford is awarded based on our calculation of your need. If information is still required, these awards are estimates and may change. Details regarding quarterly amounts can be found at axess.stanford.edu. Stanford resources: Stanford Fund Scholarship $8,206, Total Grants and scholarships: $8,206
Net cost to you: Net cost is cost of attendance minus scholarships and grants. Additional resources listed below may be available to help you with the Net Cost. Total Net Cost: $55,000.
Parent contribution: Calculated amount based on information provided on your financial aid application and a standard formula. Parent contribution: $50,000.
Student responsibility: You are expected to contribute through summer earnings and assets as well as earnings during the academic year. For information about applying for jobs on campus see financialaid.stanford.ed/aid/employ. You may also meet your student responsibility through outside scholarships and/or student loans. Student contribution: $2,200, Academy year job earnings: $2,800.
Loan programs: Student of parent loans may be available to help finance your net cost. Any loans listed here have been offered for that purpose. You may be eligible for additional loans; see details about loan eligibility and processing instructions at financialaid.stanford.ed/aid/loans. Your total student indebtedness at Stanford, excluding loans not yet accepted, is $0.
This award is contingent upon receipt and review of your parent’s signed complete 2013 federal income tax return (including W-2s) as submitted to CSS IDOC. The review may result in a change in the aid awarded if actual figures differ from those on the application.

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