Notes

2 We recommend that you also read, Understanding Student Financial Aid. This section will help you to ask the right questions and understand what people tell you about student aid.

3 These groupings resulted from subtracting the average state scholarship from the state's average public four-year tuition. These figures are for full-time undergraduates only.

4 During the most recent year (1999-00), first-year dependent students were allowed to borrow up to $2,625; second-year students up to $3,500; and juniors and seniors up to $5,500. These figures are for students who are financially dependent on their parents.

5 Figures are for full-time, full-year dependent students (NPSAS96).

6 The tables in this handbook include merit scholarships with other types of grants.

7 Also referred to as "total cost of attendance.".

8 Several things have changed since 1995-96. By 1999-00, tuition at public 4-year colleges had increased on average by 17 percent (College Board, Trends in College Pricing 1999). Family incomes increased by roughly the same amount (15 percent) between 1995 and 1998 (U.S. Census Bureau 1999). Financial aid per college student also increased 15 percent between 1995-96 and 1998-99 (College Board, Trends in Student Aid 1999). For more details see, "What Has Changed Since 1995-96."

9 States needed to be grouped because the NPSAS96 data (on which the tables are based) did not contain enough cases to support accurate estimates for single states. The size of state scholarship programs was also considered in grouping the states into lower, medium, and higher public 4-year tuition levels.

10 The formula for expected family contribution (EFC) takes into account families having multiple children in college at the same time by dividing the EFC from parents equally among all of their children attending college. So if a family's EFC were $6,000 and they had two children enrolled in college at the same time, they would be expected to contribute $3,000 to each child's educational expenses.

11 Figures in this handbook are based on national surveys. In some cases, not enough people fall into a particular category of interest to provide reliable estimates.

12 Note that the range for loans for both Michael and Sharon are approximately equal. In fact, the ranges are similar for all income groups. This is because the limit on what you can borrow each year from the student aid programs is the same for all students. In addition to annual limits, college students face lifetime limits on the amount of federal education debt they may accumulate. See Student Guide-Financial Aid 1999-2000, U.S. Department of Education if you want more details.

13 The data on which these tables are based do not contain a sufficient number of cases to support an accurate estimate of dollar amounts.

14 If you want to look up your income on your income tax form, look at the line titled "gross income."

15 Full-time equivalent (FTE) students are used in this calculation. This takes into account part-time students by equating each full-time student with a given number, usually three, part-time students.

16 IRAs are "Independent Retirement Accounts" and they allow individuals to save money without having to pay current income taxes. This makes it easier to save.

17 U.S. Census Bureau, Current Population Reports, P60-206, Money Income in the United States: 1998, U.S. Government Printing Office, Washington DC, 1999.

18 These figures are like most in this handbook; they are for students who are dependent on their parents and who study full time for the full academic year. Many students who do not enroll in school full time work much more.

19 U.S. Department of Education, National Center for Education Statistics, The Condition of Education 1997: Postsecondary Persistence and Employment. (NCES 97-984.) Washington, DC, 1998.

20 This section is based on the National Commission on the Cost of Higher Education final report (1998).

21 Sallie Mae--www.Salliemae.com and College Board--www.collegeboard.org.

22 While there are some minor differences between first-year students and subsequent year enrollees in terms of financial aid, these differences tend to be minor and not statistically significant. The main difference in terms of the information in this handbook concerns the amount of loan aid first-year students receive if they borrow to finance college. Loans to first-year students were significantly smaller than those to upperclassmen.

23 Ideally, separate analysis would have been carried out for each state. However, NPSAS was not designed to support analysis at the state level. First, there are simply not enough cases to support the detailed analysis at the state level. Second, the survey design used by NPSAS ensures national (not necessarily within state) representativeness.