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Peterson's - FAABteachersmanual (Page 10)

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Peterson's - FAABteachersmanual
Teacher's Manual
Page 10


NEED-BASED AID

LESSON PLAN #3


Lesson Objective:
The students will understand the eligibility criteria and
formula for determining need-based aid. Students will be exposed to various
types of need-based federal aid. Students will gain hands-on experience using
the formula for need-based aid.


Procedure:

1. Ask students if they have any questions or comments regarding their
2. Explain that a student's need is based on the formula of Cost of
Attendance (COA) minus Expected Family Contribution (EFC) or
COA ­ EFC = Financial Need. Discuss the components of COA and
EFC (Overhead 6) with the students.
3. Split the class into pairs and pass out Handout 3. Write two or three
scenarios for the student to calculate financial aid need and then share
the answers as a class. Financial need examples could include the
following:

a) Private college
COA
Tuition -
$10,395
Fees -
$320
Books & Supplies - $385
Room & Board -
$6,200
Transportation -
$1,200
Personal -
$440
Medical/Dental ­ $150
Other ­
$300
Minus EFC
- $8,900
Financial
Need?

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