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Awards are based on need, the availability of funds, and the timely submission of application materials. For this season, we suggest you file your applications as early as possible.
Step 1: Review Of Students Financial Aid File
The award process begins with a review of a student's financial aid file, which consists of:
- Electronic FAFSA data from the Department of Education
- A Completed Verification Package (only those selected for verification).
- Verified acceptance into a degree or certificate-seeking program.
- Status of satisfactory Academic Progress (Returning students only).
Step 2: Determination Of Cost Of Attendance
The Financial Aid Office determines the cost of attendance for all financial aid applicants. The cost is an estimate of a student's educational expenses for the academic year. The following items are considered when calculating the cost of attendance:
- Tuition and fees
- Room and board
- Books
- Travel
- Personal Expenses
Step 3: How Financial Need Is Determined
Students apply for financial aid by filing the Free Application for Federal Student Aid (FAFSA). The FAFSA processor calculates the Estimated Family Contribution (EFC) using a formula established by Congress and based on the information you and your parents placed on the FAFSA. When the Office of Financial Aid receives your EFC, it is subtracted from your cost of attendance. If anything is left over, you are determined to have financial need. The Office of Financial Aid attempts to meet this need from a combination of financial aid sources within the constraints of federal, state and institutional guidelines. The Financial Aid package consists of a combination of outside aid plus Title IV aid which can not exceed the cost of attendance.
Financial aid awards are based on an assumption of full-time enrollment. Federal program criteria may require adjustments in aid for less than full-time enrollment.
Step 4: Notification Of Award Decision
Award letters are mailed by the Financial Aid Office to new students and returning students.
The award notification will include:
- The types and amount of federal, state and institutional aid offered.
- The estimated types and amounts of outside aid offered.
The award notification must be signed and returned to the Financial Aid Office within ten (10) business days of the date of the award letter. Failure to respond within the designated time will result in cancellation of the aid offered without further notification.
Financial assistance is not restricted to needy students. Certain scholarships are awarded solely on the basis of academic excellence. Aid received from non-need sources may impact eligibility for need-based aid.
The Department of Education defines estimated financial aid as the estimated amount of assistance for a period of enrollment that a student (or a parent on behalf of a student) will receive from federal, state, institutional or other sources, such as scholarships, grants, financial need-based employment or loans.
Receipt of outside aid after the financial aid award has been determined may reduce the amount of financial assistance previously awarded. Because federal regulations dictate the amount of financial aid a student may receive, students must immediately report any anticipated or actual financial aid awards to the Office of Financial Aid.
