Determining Financial Aid Eligibility and Financial Need
Eligibility for financial aid is determined by subtracting the amount you and your parents can contribute from the cost of attendance. An assessment of your familys ability to contribute toward educational expenses is made based on the information you provide when applying for financial aid. Income, assets, family size, and number of family members in college are some of the factors considered in this calculation. This assessment, referred to as need analysis, determines your financial need, which is defined as the difference between the total cost of attendance and what you are expected to pay. Financial need will vary between colleges because of each schools different costs of attendance.
Determining the Students Status: Independent or Dependent?
Remember that both students and parents are expected to help pay for college costs. This means that you, as the student, will be expected to contribute to your educational expenses.
If you are considered dependent by federal definition, then your parents income and assets, as well as yours, will be counted toward the family contribution. If you are considered independent of your parents, only your income (and that of your spouse, if you are married) will count in the need analysis formula.
To be considered independent for financial aid, you must meet one of the following criteria:
– Be at least 24 years old. – Be a veteran of the U.S. Armed Forces. – Be married. – Be an orphan or ward of the court. – Have legal dependents other than a spouse. – Be a graduate professional student.
Applying for Financial Aid
To apply for financial aid, it is essential that you properly complete the necessary forms so that your individual financial need can be evaluated. It is important to read all application materials and instructions very carefully. The financial aid office of the school you are attending will be happy to provide you with guidance and assistance.
Most vocational schools use just one financial aid application called the Free Application for Federal Student Aid (FAFSA). This form is a four-page application available at your colleges financial aid office, local high school guidance offices, and state education department offices. Students can apply for federal student aid via the Internet by using FAFSA on the Web. FAFSA on the Web can be accessed at www.fafsa.ed.gov.
Your Rights and Responsibilities as a Financial Aid Recipient
As a student consumer, you have a right to:
– Be informed of the correct procedures for applying for aid, cost of attendance, types of aid available, how financial need is determined, criteria for awarding aid, how satisfactory academic progress is determined, and what you need to do to continue receiving aid – Be informed of the type and amount of assistance you will receive, how much of your need has been met, and how and when you will be paid – Appeal any decision of the financial aid office if you feel you have been treated unfairly with regard to your application – View the contents in your financial aid file, in accordance with the Family Educational Rights and Privacy Act; – Know the conditions of any loan you accept.
Tags: Armed Forces, FAFSA, Financial Aid