What does this mean?

Question

Scholarships and Financial Aid
Out-of-State Tuition: $32,100
Undergraduate receiving need-based financial aid: 39%
Average freshman total need-based gift aid: $26,544
Direct Lender: No


Does it mean that total cost is $32,100 and the amount of money you need from financial aid is 39%? If thats the case then why would you have to pay $26,544? What direct lender?

Answer 1

Basically, the school is talking about the average amount of need based financial aid a student receives for completing the FAFSA form. The form takes into consideration both the family household (parents) income and resources along with your income and savings. In regards to the 39%, it refers to the total amount of freshmen at the college receiving some form of financial aid help with their tuition. The $26,544 refers to the total amount of assistance an average student has received at the college or university. I have included some links for further reading on the matter. Good luck!

Answer 2

No.
It is saying that without financial aid the tuition is $32,100.
The number of students that receive financial aid is 39% of the entire student body and that with financial aid the average cost that you really need to pay is $26,544. however it can fluctuate depending on the amount of need that you have. Oh, and a direct lender is a group or organization that directly funds you through the college itself.

good luck with your college applications!!!

Answer 3

Let me guess: you're looking at the Princeton Review website, right? Basically, they're providing statistical information about the costs and average financial aid package for students at that particular school.

$32,100 is the cost of tuition (not the total costs -- that figure probably doesn't include room, board, books, transportation, etc.)

The second item is a statistic that's often misinterpreted. It basically means that 39% of the undergraduates at that school get some kind of need-based financial aid. They don't say HOW MUCH need-based aid, nor do they say how much non-need-based aid the school gives out. All they are really telling you with this number is how many of that school's students usually qualify for financial aid based on their financial need. It is possible that the other 61% didn't apply for financial aid at all or that they got merit-based aid instead.

The third statistic is telling you that, of the 39% of students who receive need-based financial aid, the average financial aid package is $26,544. This is pretty good. It means that (on average) the school's neediest students are getting about 83% of their tuition costs covered by financial aid. They could be paying the rest of their costs out-of-pocket or they could obtain merit-based financial aid (or a loan) to cover the rest.

"Direct Lending" is a kind of loan program. Any school that offers federal student loans belongs to one of two programs: Direct Loans (DL) or Federal Family Education Loan Program (FFELP). With both options, the money is guaranteed by the federal government; the difference (in a nutshell) is where the money comes from. About 75% of schools are FFELP schools, which means that the students' federal money comes from a bank/lender (for example, Bank of America or Citizens Bank) to the school and then to the student. Students borrowing through the FFELP program can choose any lender, which usually enables them to obtain a loan with some kind of "benefit" (like decreased interest rate, principal rebate, etc.). Students are Direct Lending schools don't really have this choice: their federal money comes directly from the federal government to the school and then to the student. There are good things about both programs and you shouldn't be too concerned about what program your school participates in (it's kind of beyond your control anyway).