Understanding Your Financial Aid Award
Congratulations! You have received your Financial Aid Award Package. We know your award can be a bit complicated. To make sure you understand what we’re offering, review the detailed explanations below.
How Your Award is Determined
After you submit your FAFSA, Federal Student Aid develops your personal Student Aid Report (SAR) and sends it to our staff at the Menlo College Office of Financial Aid. We then determine your financial need by subtracting your Expected Family Contribution (EFC) listed in the top right corner of your SAR from the Cost of Attendance (COA) at Menlo.
The total of the need-based aid you receive cannot exceed your calculated financial need. Need-based aid includes scholarships, grants, Federal Direct Loans, and Federal Work-Study. Learn more about each of the types of aid available at Menlo.
Pardon the Alphabet Soup!
The financial aid world seems to love acronyms. If you need clarification, review our Glossary of Financial Aid Terms.
Cost of Attendance (COA)
Your total financial aid award cannot exceed your Cost of Attendance (COA). Below is a breakdown of Menlo College’s 2013-2014 COA. Your COA varies depending where you live: on campus, off campus, or with a parent or relative.
2013-2014 Cost of Attendance
| Living On Campus | Living Off Campus | Living with Parent/Relative |
|---|---|---|
Direct Menlo College Costs Estimated Other Costs* Total: $53,960 | Direct Menlo College Costs Estimated Other Costs* Total: $54,330 | Direct Menlo College Costs Estimated Other Costs* |
*Estimated costs are as suggested by the California Student Aid Commission. They are used for financial aid pruposes when determining budgets.
Estimated Family Contribution (EFC) and Financial Need
Your EFC is the minimum amount of money you and your family are expected to contribute to Cost of Attendance.
Use this example to understand your EFC and financial need.
Total Cost of Attendance: $53,960
Federal Student Contribution: – $1,240
Federal Parent Contribution: – $2,690
Financial Need: $50,030
Financial Aid award
Your financial aid award is broken down into grants, loans, and any merit scholarships you have been awarded.
In this example award, this Junior student has been awarded a Menlo Scholarship, a Menlo Grant, a Federal Pell Grant, a Federal Stafford Loan (repaid by student), a Federal PLUS Loan (repaid by parents), and a Federal Work-Study.
| Fall | Spring | Total | |
|---|---|---|---|
| Menlo Leadership Scholarship | $5,500 | $5,500 | $11,000 |
| Menlo Grant | $6,750 | $6,750 | $13,500 |
| Pell Grant | $964 | $964 | $1,928 |
| Direct Stafford Loan | $3,750 | $3,750 | $7,500 |
| Direct PLUS Loan | $7,551 | $7,551 | $15,102 |
| Work-Study | $500 | $500 | $1,000 |
| Total Financial Aid Offer | $25,015 | $25,015 | $50,030 |
Unmet Need
To calculate any unmet need, you subtract the EFC and the total financial aid offer from the COA.
In our example, the financial aid matches the student need, leaving no unmet need.
Total Cost of Attendance $53,960
EFC $3,930
Total Financial Aid Award $50,030
Unmet Need $0
Reviewing and Accepting Your Award
You must respond to your award letter within two weeks. Review your award letter carefully to make sure you understand exactly what you are agreeing to. If you have any questions, please contact us:
financialaid@menlo.edu650.543.3880
Once you have reviewed and understand your award, return it to the Office of Financial Aid. For complete information, read our information about accepting your award.