There are three elements that assist us in determining students’ financial aid awards:
- Student Budget (Estimated Expenses)
- EFC (Expected Family Contribution)
- Financial Need
Financial need is calculated by subtracting the EFC from the student budget. Other factors that determine the types and amounts of awards are Federal Pell Grant eligibility, outside resources, class level, major, enrollment status, prior degree, aggregate loan limits, funding levels, residency, state and federal regulations, and institutional philosophy.
The student budget allows for education-related costs for the student only, not for family members, as described below.
- Tuition and Fees: Full-time instructional costs and mandatory fees, based on your Tuition Classification.
- Living Allowance: Average cost of housing, food, and utilities for students living on or off campus. Residence hall contracts vary by hall, room type, and meal plan choices.
- Books and Supplies: Average cost of textbooks and supplies.
- Miscellaneous: Allowance for transportation, recreation, health care, and personal expenses.
- Health Care: An allowance that could include cost of student health insurance policy for independent students at Colorado State University.
If you have unusual expenses or costs (i.e. daycare), please contact a financial aid counselor.