How Aid is Determined
Elmhurst University offers financial assistance to students on the basis of demonstrated need. Need is the difference between the cost of attendance (COA) and the Student Aid Index (SAI).
| Cost of Attendance | - | Student Aid Index | = | Financial Need |
|---|---|---|---|---|
| Cost of attendance includes tuition, fees, room and board, books and supplies, personal expenses and transportation. | The eligibility index number used to determine aid eligibility. SAI is calculated using information that a student (and other contributors, if required) provides on the FAFSA. | A student’s financial need is the student’s maximum eligibility for need-based financial aid, which includes grants, subsidized loans and work-study funds. |
Cost of Attendance
The Cost of Attendance is an annual estimate of your total education-related expenses while you are enrolled at Elmhurst University.
When you think about what it costs to go to college, you probably think about tuition, room and board, and the invoice you receive from the University each term. However, the cost of attendance—sometimes also called the “student budget”—includes other expenses related to studying and living while attending college.
Some of these expenses, like tuition, are direct costs, for which you will receive a bill. Others are considered indirect costs: expenses you will have but that are not billed by the university (i.e., books, personal expenses, transportation, etc.).
Cost of attendance can vary by a student’s level (undergraduate vs. graduate) and living circumstances (on campus vs. off campus vs. commuting from home) and typically includes:
- Tuition and mandatory fees: same rate for in-state or out-of-state students; charged based on your enrollment (full-time, part-time, etc.) and program
- Housing: allowance based on the student’s housing preference. On-campus allowance is the average cost of all on-campus students.
- Food: allowance based on the student’s housing preference. On-campus allowance is the average cost of all on-campus students and off-campus is derived from consumer surveys
- Books: average cost of required course materials and supplies (based on student surveys and CollegeBoard studies)
- Personal expenses: incidentals and living expenses such as clothing, personal care, and entertainment. Estimate based on consumer expenditure surveys
- Transportation: allowance for travel expenses based on housing preference. The allowance includes estimated gas, maintenance, insurance, and parking
- Loan fees: students borrowing any Federal Direct Loans will have an allowance for origination fees based on the average student’s fees. Actual fee amounts will vary based on the type of loan and amount.
The COA is the cornerstone of establishing a student’s financial need and is used to:
- Determine your eligibility for need-based financial aid
- Give you an estimate of total direct costs for the year
-
Help you put your financial aid into perspective and prepare for out-of-pocket costs
- Set the limit on the total amount of financial aid and loans you can receive for the academic year (which federal regulations require us to do)
Student Aid Index (SAI)
Student Aid Index (SAI) is a formula-based index number used to determine how much financial support you may need. Your SAI is calculated using information that you (and other contributors, if required) provide on the FAFSA. Most of the tax information used to calculate the SAI is transferred directly from the IRS into the FAFSA form.
The SAI is not a dollar amount of aid eligibility or what your family is expected to provide. A negative SAI indicates the student has higher financial need.
Learn how the SAI is calculated.
For eligible students, financial aid awards may include a combination of scholarships, grants, loans, and part-time student employment (e.g., work-study).
Financial aid will not always cover a student’s demonstrated need based on annual maximums set for funding programs and the availability of funds. Students who have charges remaining after their aid is applied to their account may utilize other funding options such as Unsubsidized loans, PLUS loans, private loans and payment plans.
Elmhurst University financial aid cannot be refunded and cannot exceed tuition charges in combination with other tuition-restricted aid. Elmhurst aid designated for non-tuition costs will apply towards those respective charges. A student’s total financial aid (all sources) including Elmhurst University financial aid cannot exceed the calculated Cost of Attendance for the academic year.
No, the Student Aid Index (SAI) is recalculated each year. You will need to reapply for financial aid every year by completing the FAFSA. If your household’s finances remain similar from year-to-year, it’s possible that your SAI may be similar and provide the same level of eligibility for aid.