Financial Aid FAQ

What is a financial aid package?
A financial aid package is the amount of financial aid you can expect to receive. Your package will come in the form of an award letter, which will list your financial aid awards, including the amount you are eligible to borrow in student loans. If you have any questions about the terms or conditions of any of your awards, contact the financial aid office at your college.

Who determines how much financial aid I receive?
Your college's financial aid office will determine your financial aid package by using the results of the Free Application for Federal Student Aid (FAFSA). They will subtract your Expected Family Contribution (EFC) from the cost of attendance at the college, which will result in your financial need. They will attempt to meet your financial need with any funds that are available for which you qualify. This may include grants, scholarships, loans or work-study.

Will my financial aid package be the same each year?
Your package will not necessarily stay the same. It could fluctuate due to several factors such as changes in your income and assets, moving on or off campus, or changes in your grades. Some awards may not be renewable, or you may not meet the renewal criteria. It is important to understand the terms and conditions of the awards you accept. Please note that you must also be making satisfactory academic progress (as defined in your school's catalog) to receive federal financial aid.

My Student Aid Report (SAR) says that I am not eligible for a Pell Grant. Does this mean that I am not eligible for any aid?
No. The Federal Pell Grant is only one type of award that is available. The Pell Grant is for students who have exceptional financial need. There are still many other awards that you may qualify for based on your financial need or merit. Your financial aid office will notify you of the aid you are eligible to receive.

How do I decide how much I need to borrow in student loans?
Your award letter will outline the maximum that you are eligible to borrow in federal student loans. You may not need to borrow the whole amount. Develop an in-school budget to determine how much of your cost of attendance is still unmet. Subtract your other aid received, savings, money earned from work and any assistance received from your parents from your cost of attending the college. Remember to consider your life after college as well. Everything you borrow must be repaid with interest. Therefore, you should also consider what your monthly loan payment would be after college when determining how much to borrow.

What if I need more money?
If your financial aid package will not adequately cover your costs, consider these options:

• Private Scholarships – Check with local civic or religious organizations, professional associations, businesses or your parents’ employers for scholarship opportunities. You can do research at your local library, high school counseling office, college financial aid office or on the Internet. If you have declared a college major, check with your academic department for possible scholarship opportunities.
• Payment Plan – Check with your college to see if a payment plan is available to make managing your costs easier.
• Employment – If your award letter does not include work-study, consider finding an on- or off-campus job to help meet your costs.
• PLUS Loan – If your award letter does not already have a PLUS loan listed, contact your financial aid office to determine your eligibility. The PLUS loan is a loan for parents.
• Alternative Loans – There are private loans available in addition to the federal loans. Be sure to do your research to accept the best loan possible. You should only use private student loans as supplemental funding after you have exhausted all other sources of financial aid, including grants, scholarships, Work-Study, and federal student loans.