OVERVIEW OF FINANCIAL AID
The purpose of financial aid is to help students and families meet educational expenses that cannot be met through their own resources. Financial aid can be either need-based or non-need-based.
The results of the Free Application for Federal Student Aid (FAFSA) along with the cost-of-education will determine whether or not a student has financial need.
There are several types of financial aid available. Grants and scholarships are considered "gift aid" because they generally do not have to be repaid. Loans and employment are considered "self-help aid" because loans have to be repaid and by working you earn money for educational expenses. Loans are by far the largest source of financial aid for the majority of students and families. Most grants, some loans (Subsidized Stafford and the Perkins Loan), and Federal Work-Study are need-based financial aid programs. The Unsubsidized Stafford and the Parent Loan for Undergraduate Students (PLUS) are considered non-need-based. Scholarships can be based upon merit, financial need or both.
There are four main sources of financial aid. These include the federal government, the state government, the institution and private entities. The federal government is by the far the largest source of financial aid. Approximately two-thirds of all students attending this university receive some type of financial aid from one or more sources.
APPLYING FOR FINANCIAL AID
Each year, students must complete the Free Application for Federal Student Aid (FAFSA).
The FAFSA serves as the application for all federal, state, and institutional financial aid at this university. This university does not have an institutional application for aid, but currently enrolled students must apply separately for scholarships on our web site during the winter quarter.
You should file the FAFSA or Renewal FAFSA online at
FAFSA - Free Application for Federal Student Aid. This is the fastest and most efficient way to file the FAFSA. FAFSA on the Web provides numerous edit checks that will help prevent errors. FAFSA on the Web is available beginning January 1 each year.
This university has a first-priority deadline of March 15 to be considered for the most possible aid. This is the date by which we need the processed results of your FAFSA. Processing time for completing the FAFSA online takes two to four weeks, so we recommend that you file the online by February 15. If you have not yet filed your taxes, you can use estimated income information rather than a completed tax return. We must receive your FAFSA results while you are enrolled and before the end of the financial aid year. (The financial aid year starts with summer quarter and ends with the spring quarter.)
You and your parent (if you are a dependent student) should each use PINs to sign the FAFSA electronically. If you or your parent does not already have a PIN, apply for one at
The PIN Site - Federal Student Aid. If you provide an e-mail address when applying for a PIN, you should receive your PIN within 72 hours.
GRANTS
Grants are considered gift aid and do not have to be repaid.
Most grant aid is based on some type of need-based eligibility requirement; therefore, you must complete the FAFSA to apply for most grants. Sources of grants include federal, state, private, and institutional funds. Although grants are a very desirable source of financial aid, the availability of grants is generally limited to the neediest students. For more information about grants and other types of financial aid call 1-800-4-FEDAID and ask for The Student Guide or read The Student Guide on the World Wide Web.
FEDERAL PELL GRANT
Federal Pell Grants are awarded based upon the analysis of the FAFSA, cost-of-attendance, and enrollment status (full time or part time). Pell Grants are awarded only to undergraduate students who have not earned a bachelor's degree or professional degree. Pell Grants often provide a foundation of financial aid to which other aid is added for the neediest students.
The United States Department of Education uses a standardized formula, established by Congress and called the Federal Needs Analysis Methodology, to evaluate the information you report on the FAFSA. The formula produces an Expected Family Contribution (EFC) number. The EFC number can range from zero to 99,999 or higher. Your Student Aid Report (SAR) contains this number and will tell you if you are eligible for a Pell Grant. You can get a booklet called the EFC Formula Book, which describes how a student's EFC is calculated, by writing to:
Federal Student Aid Information Center
P.O. Box 84
Washington, DC 20044-0084
The maximum Pell Grant for 2007-2008 is $4310. The maximum Pell Grant award can change each year based upon Congressional funding levels. However, if you are eligible for a Pell Grant based upon your EFC number, you are guaranteed to receive it.
For the 2007-2008 school year, full-time students with EFCs from zero to 4110 qualify for some Pell Grant. Those with EFCs of 4111 or greater are not eligible for a Pell Grant but could be eligible for other types of aid. .
ACG
Federal Academic Competitiveness Grants are awarded based upon the analysis of the FAFSA, cost-of-attendance, enrollment status (full time only), and completion of a rigorous secondary education program after January 1, 2005. ACGs are awarded only to undergraduate students who qualify for the Federal Pell Grant and are U.S. Citizens. Students who may be eligible for ACG will be asked to identify themselves as they complete the FAFSA.
The United States Department of Education uses a standardized formula, established by Congress and called the Federal Needs Analysis Methodology, to evaluate the information you report on the FAFSA. The formula produces an Expected Family Contribution (EFC) number. The EFC number can range from zero to 99,999 or higher. Your Student Aid Report (SAR) contains this number and will tell you if you are eligible for a Pell Grant. You may request a booklet called the EFC Formula Book, which describes how a student's EFC is calculated, by writing to:
Federal Student Aid Information Center
P.O. Box 84
Washington, DC 20044-0084
Eligible students attending for the first time in 2007-2008 will be awarded a $750 ACG. Eligible students in their second year of attendance must have a minimum 3.00 grade point average at the opening of the year to qualify for the annual amount of $1,300.
SEOG
The Federal Supplemental Educational Opportunity Grant (SEOG) is for undergraduate students with exceptional financial need, i.e., students with the lowest Expected Family Contributions (EFCs). Preference is given to Pell Grant recipients. We must have the results of your FAFSA by our first priority deadline of March 15 in order to consider you for this grant; therefore, you should submit your FAFSA by February 15 of the award year.
For those of you that are intersted in accurate information regarding financial aid,the information I have posted comes directly from the financial aid office at the university where I am employed, and where I am also a graduate student. This information is in regard to that financial for which you are considered to be elible under the fafsa guidelines. The three grants listed are the main grants that are applied for everytime you complete a fafsa. In addition, by completing a fafsa, you also automatically are considered for any subsidized and unsubsidized federal loan monies for which you may be eligible. The majority of schools use the information from your fafsa and your SAR to determine eligibility for state and locally funded grant moneies, and if found to be eligible and you are awarded this money, it will automatically be credited to your student account.