How Aid Is Determined
Iona College offers financial aid to students based on demonstrated financial need. Need is defined as the difference between the cost of attendance and expected family contribution.
Cost of Attendance
Tuition, fees, room and board, books, supplies, personal expenses, transportation.
(-) Expected Family Contribution
Amount a family is expected to contribute to the cost of attendance. It is determined by the FAFSA. It also determines a student’s eligibility for grant assistance.
= Financial Need
The student’s maximum eligibility for need-based financial aid. It includes grants, loans and funds from work-study jobs.
Costs of Attendance
The cost of a college education includes tuition and room and board, plus items such as books, transportation and other personal expenses.
Expected Family Contribution
Your expected family contribution is an estimate of how much you’re expected to contribute to your annual education costs. It’s based on income, assets, expenses, the size of your family, the age of your parents, how many parents are working, how many students in the family are in college, and extraordinary circumstances. All of this is reported on your FAFSA. If your expected family contribution is greater than the cost of attendance, you will not qualify for need-based aid. In that case, we will help you figure out other financing options.
If you are eligible for financial aid, you may receive federal and state grants, scholarships, loans and work-study jobs as part of your aid package.
You must reapply for financial aid every year. If your family’s finances do not change much from year to year, however, you can expect your family contribution and aid package to remain about the same from one year to the next.