How Much Will I Get in Financial Aid?

If you are planning to attend college, understanding how much financial aid you might be eligible for is an important part of building your financing plan. While you won’t know your exact award until you receive your official offer, you can estimate your potential aid based on several factors.

Keep reading; we’ll explain how financial aid is calculated, the tools you can use to estimate your eligibility, and what steps to take once you receive your award letter. With the right information, you can make more confident decisions about how to pay for college.

Table of Contents

1. Can you calculate how much financial aid you will get?
2. Tools to estimate your financial aid
3. When you’ll find out how much aid you get

Can you calculate how much financial aid you will get?

To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). You can estimate how much you will receive, but you won’t know the exact amount until your school sends your official award letter. By understanding how financial aid is calculated, you can make a reasonable projection to help you plan ahead.

Colleges and the federal government use two formulas to determine aid eligibility:

Need-Based Aid = Cost of Attendance (COA) – Student Aid Index (SAI) 

Non-Need-Based Aid = COA – Financial Aid Awarded So Far

Both formulas start with your school’s COA—how much you can expect it to cost to attend the school. The Student Aid Index (SAI) is a number based on your family’s financial information that estimates how much you are expected to contribute toward college costs.

The difference between your COA and your SAI helps determine your eligibility for grants, work-study programs, and federal Subsidized Loans. If there is still a gap after receiving need-based aid, you may qualify for non-need-based aid, such as Unsubsidized Loans or PLUS loans.

While you can’t calculate your financial aid amount with complete certainty, knowing your SAI and your school’s COA gives you a strong starting point. You can also use financial aid estimation tools, which we’ll cover below, to get a more personalized estimate.

Next, we’ll break down how the SAI, COA, and the different types of financial aid work together to determine your award.

SAI

The Student Aid Index (SAI) is an index score representing your family’s ability to make financial contributions to your college costs. Some of the primary factors affecting SAI include family income, assets, and household size. 

The SAI ranges from a score of -1500 (a negative number) to 999999 (a positive number). A lower SAI suggests greater potential eligibility for need-based federal aid, such as Pell Grants, Subsidized Loans, or work-study programs. 

COA

Your Cost of Attendance (COA) is the total estimated annual cost of attending college at your chosen school. It covers tuition, fees, housing, meals, books, transportation, and personal expenses. Each school’s COA can vary based on location and institution type.

For instance, some private colleges may have a much higher COA than public schools. Knowing your COA helps you understand your maximum potential for financial aid. Colleges use COA as a baseline for determining aid packages.

Need-based financial aid

Need-based financial aid is funding provided to students based on their financial situation. The goal of this type of aid is to provide students with a means to cover college costs they would otherwise be unable to afford. 

The difference between your COA and SAI is used to help determine your financial need, as shown below: 

Financial Need = Cost of Attendance (COA) – Student Aid Index (SAI)

Your financial need in this calculation represents the maximum amount of need-based aid you can receive. However, even if your financial need is large, the aid may not fully meet your demonstrated financial need.

If you require additional funding, consider exploring alternative sources, such as scholarships, private student loans, or non-need-based federal financial aid. 

Non-need-based financial aid

Non-need-based financial aid includes grants and federal student loans awarded independent of financial need. To estimate your non-need-based federal aid eligibility, subtract the federal financial aid you’ve been awarded from your COA, as shown below: 

Non-Need-Based Aid Eligibility = COA – Existing Financial Aid Awards

This calculation helps determine the amount you can receive in federal Unsubsidized Loans, Direct PLUS loans, and federal grants. 

While exact amounts can be tricky to calculate on your own, your college or university can give you an estimate of how much it might cost to attend the school. Plus, you can check your FAFSA Submission Summary on StudentAid.gov to see how much federal aid you’ve been awarded.

You can use the calculation to estimate if you might qualify for non-need-based aid. It can also help you plan ahead to fill any remaining funding gaps with private scholarships, awards from your chosen college, or private student loans. 

To help my clients estimate financial aid and anticipate the financing they will need, I use specialized software specifically geared toward college funding needs. We examine the student’s Student Aid Index (SAI), SAT scores, GPA, and top college choices. Every school is different in the amount of aid it will provide based on those factors.

Tools to estimate how much financial aid you will get

Before your official financial aid offer arrives, you can use online tools to estimate how much assistance you might qualify for. Two helpful resources are the Federal Student Aid Estimator and individual colleges’ net price calculators. 

While these tools don’t guarantee exact award amounts, they can provide a helpful starting point for planning your college finances.

Federal student aid estimator

The Federal Student Aid Estimator is a valuable tool. By entering your financial details, family income, and school choices, you can see a preliminary estimate of your federal student aid.

This tool gives an approximation of eligibility for Pell Grants, work-study opportunities, and federal student loans. However, it doesn’t provide exact award amounts or account for specific school-based aid packages. Results from the estimator can help you plan, but they are not official offers.

Net price calculators

Net price calculators offer personalized estimates of what attending a specific college might cost you after accounting for grants and scholarships. These calculators are posted on the websites of colleges and universities, enabling students to estimate the cost of attending the school.

To use a net price calculator, visit your college’s financial aid webpage and enter basic information about your finances and academics. The calculator then provides a tailored estimate reflecting your potential out-of-pocket costs. It’s a valuable resource to compare costs between different colleges.

You can safely assume a student is entitled to federal loans in the amount of $27,000 over four years ($5,500 in year one, $6,500 in year two, $7,500 in years three and four).

If year one will cost $20,000, we take out the amount of the federal student loan, any other school aid that may be provided, take out what a 529 plan may cover the first year, any help from the parents (cash flowing), and the student working. Whatever amount is left is the gap we need to plan for, through private loans or some other means.

When you’ll find out how much financial aid you get and what to do next

After you submit your FAFSA form and any required financial aid forms, you will typically receive your financial aid offer in the spring. Many colleges send out award letters between March and April, around the same time admission decisions are made. 

Your financial aid offer will outline the grants, scholarships, federal loans, and federal work-study opportunities you qualify for. Once you review it, you can start making a full financial plan for how you will pay for college.

A good place to start with this planning process is by comparing your total financial aid to the school’s cost of attendance. This will help you determine if you have a remaining funding gap that needs to be covered. 

Once you know how much extra funds you might need, consider these steps:

• Explore additional funding options: Apply for outside scholarships, ask your school about payment plans, or consider private student loans. College Ave is a popular choice for its straightforward application, flexible terms, and quick approval process.
• Estimate your future loan payments: Use a loan simulator to calculate your estimated debt and monthly payments after graduation.
• Compare offers between schools: Sometimes, a school with higher tuition offers more aid, making it more affordable overall.

Taking time to review your award letter and plan your next steps can help you make confident, informed decisions. A strong financial plan will ensure you are better prepared for the short-term costs and long-term impacts of financing your education.