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To receive financial
aid assistance, you must:
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see
stafford loan limits
students who have access to parental
support are classified
as dependent students.
the award amounts for dependent students are generally lower than the amounts for independent students.
dependent students and their
parents must report respectively
their income and assets on the FAFSA
form:
see
our Step 2 for more information
about the FAFSA form
- you were at least 24 years
of age on January 1 of the academic
year you begin school
- you are married on the day you apply (even if you are separated but not divorced)
- you will be enrolled in a graduate
or professional program (beyond
the bachelor's degree) at the beginning of the academic year
- you have legal dependents
other than a spouse who receive more than half their support from you
- you are an orphan or ward
of the court (or were a ward
of the court until age 18)
- you are veteran of the U.S.
Armed Forces ("veteran"
includes a student who attended
a U.S. military academy who
was released under a condition
other than dishonorable)
not living with parents or not being claimed by them on tax forms does not determine dependency status for federal student aid
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The government calculates financial
need based upon the following formula:
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(add) |
Total
cost to attend college (tuition,
books, housing, etc.) |
| -
(minus) |
The "Expected
Family Contribution (EFC)
" towards the cost of education for 1 year |
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(equals) |
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The FAFSA form is completed by both parent and student for dependent status; and
by the student and spouse for independent status.
The FAFSA form collects information about your financial position and compares it with your filed IRS forms.
Step 2 has more information about the FAFSA form
The EFC is a measure of the family's financial strength and the amount of resources the family has available to pay for education.
The government looks at 5 areas to calculate EFC:
- Assets
- Income
- Household Size
- Number in College
- Age
The EFC is calculated according to a formula established by Congress.
- About Assets:
- About Income:
Download the EFC booklet for more information:
information
on EFC (PDF file)
and
then subtracts the EFC that the government calculated based on your FAFSA form.
The remaining cost left over (if
any) is the amount of financial
need the student qualifies for, adjusted by
other financial aid assistance the student
expects to receive (such as school
scholarships, grants, etc.).
| +
(add) |
Total
cost to attend college (tuition,
books, housing, etc.) |
| -
(minus) |
The "Expected
Family Contribution (EFC)
" towards the cost of education for 1 year |
| |
|
| =
(equals) |
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That comes as close as possible
to meeting your need — since
funds are limited, the amount awarded
may not cover the full cost of college.
Students often must consider other
forms of financial aid assistance (such as loans and work study)
to supplement the difference between
financial need and financial aid
awarded.
Examples: see student financial aid options
| +
(add) |
Total
cost to attend college (tuition,
books, housing, etc.) |
| -
(minus) |
The
Institution's calculated
"Expected Family Contribution" |
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(equals) |
Eligibility
of Institutional Financial
Need |
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You need to check with your college
to determine what methodology that
is in use —
link for more information and an
application: information
on CSS® Profile from www.collegeboard.com
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schools determine costs based upon
average budgets that students spend
for the following categories:
cost to attend class instruction
and the use of facilities, labs,
libraries and all other related
services for each enrolled student
the estimated amount for books
and supplies the student will
be required to purchase for classroom
instruction — this item
may include a computer and other
electronic/telecommunication devices
- not necessarily required since colleges offer computer labs and other shared facilities. However, given the electronic push made by colleges, it will be the student's advantage to own their own personal computer along with a printer and other necessary electronics
the estimated cost for housing
and food if you live in a residence
hall; if you live off campus,
food expenses are not estimated
the estimated cost for 2-3 round
trips from your home to school;
if you live with your parents,
the estimated commuting costs
will be calculated
the estimated cost for clothing,
grooming supplies, laundry and
limited entertainment
personal expenses that are specific
to the student such as disability
expenses, dependent care, loan
fees, etc.
any other expenses that you can
identify with your school's Financial
Aid Office |
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