Packaging begins with the school's Cost of Attendance minus Expected Family Contribution (EFC) minus Pell Grant eligibility minus any state aid. The remainder is your financial need for financial aid.
If you are receiving private scholarships, these will next be subtracted from your financial need. If there is need remaining, other forms of aid may be offered.
Campus Based Aid is Federal Work Study, Federal Perkins Loan, or Federal Supplemental Educational Opportunity Grant (SEOG). Each has very specific eligibility requirements, and I can attest that each is very underfunded by Congress. As a result, monies go very fast.
You are fortunate if you receive Campus Based Aid. If you do, the Campus Based Aid is subtracted from your financial need. If not, your next step is student loan. Some schools (like mine) automatically put a student loan in your financial aid package if you indicated interest in student loan on the FAFSA. Other schools may required you to request a student loan. Unfortunately, this is usually the last step in the packaging process because schools will always offer student loans last.
In summary, the following is considered financial aid assistance in determining your financial aid package:
- Grant aid (Pell Grant, SEOG, state grant, etc.)
- Scholarships
- Net earnings from need-based employment (Federal Work Study)
- Veterans benefits (excluding Chapter 30 benefits)
- Employer tuition reimbursement
- Tuitoin and fee waivers
- Fellowship and assistantships
- Educational benefits paid for college
- Educational loans
So when is packaging complete? Packaging is complete when your financial aid advisor has exhausted all forms of financial aid eligibility. An award letter is then produced and probably sent to you via email. Pay close attention to whether you were offered a student loan. If not, and you're interested, contact your school. Also, contact your school if you're independent and interested in an additional Unsubsidized Stafford Loan, which may not be in the package initially.
Many students are told to call schools and bargain for financial aid. I believe this is highly worthwhile for private and independent schools, but if you are attending a public institution it's highly unlikely, and unfortunate, that the school can offer any other alternatives. Still, it never hurts to try!