College Financing Plan

Since colleges and universities use many different formats for their offer letters, students may find it difficult to compare the financial aid offers from various schools. The College Financing Plan is a standardized form created by the U.S. Department of Education.  It was designed to help ensure that students can make good educational and financial decisions using a clear, comparative tool that evaluates various financial aid offers. The college financing plan generates figures that are estimates only and all tuition rates and fees are subject to change without notice.  It combines the direct and indirect expenses associated with the given aid year, referred to as the Cost of Attendance (COA), with the Estimated Awards for the same time frame (previously referred to as the Financial Aid Offer Letter).  This provides the student and their families the ability to compare aid packages with other schools that also use the College Financing Plan.  It is an individualized financial breakdown of the costs associated with GRCC.

Your College Financing Plan is not a bill!

It is only an estimate of the various expenses and aid packages associated with the student’s current enrollment intensity.

The College Financing Plan is not the total cost associated with earning a degree from GRCC.

It is not set in stone.  Changes made to enrollment intensity, and or eligibility to receive aid can/will affect the various values listed within the document.  
 

Your College Financing Plan can be viewed in the Online Center, under the Financial Aid tile.  It will be available once your financial aid offer has been processed.

Example College Financing Plan

Glossary of the various sections found in the College Financing Plan:

• Total Cost of Attendance (This is the combination of direct costs and indirect costs associated with being a college student.) 
• Tuition and Fees is the only direct cost at GRCC, and is available to the student under the My Bill tile found in the Online Center. 
• Housing and Food, Books and Supplies, Transportation, and Other Education Costs are recognized as the indirect costs that students and their families experience while the student is attending school.
• Student Aid Index (SAI), formerly known as the EFC (determined by the Free Application for Federal Student Aid (FAFSA) submission)
• Scholarships (merit based GRCC scholarships, State scholarships, and other external scholarships)
• Grants (Pell grants, state grants, and other forms of grant aid)
• VA Education Benefits (available to eligible military students)
• Net Cost (Cost of attendance minus total grants and scholarships)
• Work options (Federal Work-Study: Federal, state, or institutional programs)
• Loan Options (Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan)
• Other Options (Payment plan options, military or national service benefits, Parent or Graduate PLUS Loans, Non-Federal private education loans)