In order to award aid, a school must first establish an estimated cost of attendance. This includes fixed amounts, such as tuition and fees, as well as amounts that must be estimated, such as room, board, books, transportation, and personal expenses (laundry, toothbrushes, etc.).
Based on the estimated cost of attendance and the information from the FAFSA, the AAMU Office of Financial aid processes award offers to continuing and admitted students.
Need based aid, such as Federal Grants, Work-Study, Federal Loans, State Grants and University Grants can be awarded up to the amount of need established through the federal formula. Loans such as the Federal Unsubsidized Stafford Loan and the Parent Loan for Undergraduate Students (PLUS) or Graduate PLUS loan can be awarded beyond the calculated need, up to the amount of the cost of attendance. The total of all aid awarded, however, cannot exceed the cost of attendance, as established by the school.
Because costs are only estimated, each student may find that their overall costs are more or less, depending on their educational requirements and their living arrangements. Additionally, it's important to realize that these expenses do not all come at once. Some costs, such as personal, transportation, or in some cases, housing and food, may be spread over the enrollment period. For awarding purposes, the AAMU Office of Financial Aid will use the cost of attendance established, but for your own purposes, it's important for you to calculate what your own costs will be, so you can budget your finances, and manage your money wisely.