If I want to dorm at a private university, which adds $10,000 more to the $40,000 tuition, do the universities take into account the financial aid as a whole thing with tuition and room and board, or do they just give financial aid for the tuition? Federal Aid. ... Our search tools can allow you to find scholarships that could help you to cover the cost of school, and our loan partners can supply you with the funds you’ll need to cover your tuition costs. Applying for, and paying back, financial aid to ease the burden of your academic journey can be challenging enough, but what happens when you factor taxes into the equation? Some students assume that getting financial aid will mean that 100 percent of their expenses will be covered during their time in school. I received an initial financial aid package that nowhere near covered what I needed (it didn't even cover tuition). As the New York Times reports, financial aid covers mandatory fees, but that doesn’t always include fees for specific courses. Step 1: Log in to your myLSU account to view your financial aid award: my.lsu.edu > Financial Services > Financial Aid … It is free and easy to submit the FAFSA Ⓡ. You may wonder, “Does financial aid cover housing?”, “Can I use it to pay for my books?”, or “What about a computer?” You’ll be glad to know that you can use funds to pay for anything that supports your education, including: Similar to the purchase of a house or a car, higher education is a long-term investment with long-term value. Financial Aid and Your Taxes. Call your financial aid office directly to find out what the cost of classes will be. So, how much does financial aid cover? Some students assume that getting financial aid will mean that 100 percent of their expenses will be covered during their time in school. Home » FAQ » What if financial aid does not cover my full tuition amount? The reality is more complicated. Financial aid covers more than just tuition. The reality is more complicated. If your family cannot meet the financial responsibilities from current income and/or assets, there are a variety of options available. The reality of college costs is that many families find themselves struggling to pay the entire college bill, despite having already filed the Free Application for Federal Student Aid and receiving federal, state, and institutional financial aid resources. That means a school may not award you enough financial aid to cover all your college expenses. Affording a quality education does take some planning, and most families employ several strategies to keep the costs within reach. Whatever is above and beyond tuition costs can be used for books. Possible payment options include cash or credit card, employer tuition reimbursement, military benefits, or scholarships. Your FAFSA SAR (Student Aid Report) tells you how much aid you can receive from the Federal government. What you may not know is how many different things you need to keep track of to pay tuition and apply for financial aid.