Your Guide to Financial Aid
Aid Eligibility
Financial aid is made available to students, who, without such help, would be unable to attend the University.
The philosophy of the Federal government is that the primary responsibility for financing a college education lies with the student and his or her family. University aid is viewed only as a supplement to the family support.
The amount of the student's financial need is based on the difference between anticipated educational expenses for the school year and a reasonable contribution from the total family and student financial resources. In determining the resources of the student and his/her family, the four major sources are: 1. family income, 2. family assets, 3. student's income and 4. student's assets.
Financial aid falls into one of four categories: grants, loans, employment or scholarships:
- Grants - gifts of money that do not have to be repaid.
- Loans - borrowed money which must be repaid with interest.
- Employment - allows students to work and earn needed money.
- Scholarships - gifts (usually cash) awarded on the basis of academic performance and potential.
Step-by-Step Process
REMEMBER - The first and important steps in obtaining financial assistance for your college career is completing the Free Application for Federal Student Aid (FAFSA).
- Step 1: Contact the admissions office for the school you are considering. Get all your admissions information and school applications.
- Step 2: Get financial aid information from each of the schools you're considering and be sure to ask about deadlines for applying for aid.
- Step 3: Start the financial aid process by getting a Free Application for Federal Student Aid (FAFSA). Also, obtain financial aid forms from the college financial aid office. Complete the FAFSA as soon as you can after January 1. If you'd like, you can file and submit your FAFSA electronically, by visiting: www.fafsa.ed.gov
- Step 4: File your FAFSA, or the needs analysis form your school requires to determine if you're eligible for financial aid. Remember that you can file online.
- Step 5: After you file your FAFSA, you should get a Student Aid Report (SAR). Make sure the information in the report is correct.
- Step 6: The Awarding Process will vary from school to school. Please school communications for more details.
- Step 7: Search everywhere you can for scholarships and grants. The Internet is a great place to start. For online scholarships search engines
- Step 8: If federal aid and scholarships do not cover all your education costs, look into obtaining additional funding.
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