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Financial aid programs
are designed to assist those who, without such assistance, would be
unable to meet the costs of a post-secondary education. Financial
aid comes from different sources: the federal and state government,
colleges and universities, local private organizations and scholarship
programs, and bank.
In general, eligibility for financial aid is based on need. Some financial
assistance is awarded not on the basis of need, but for scholastic
excellence, athletics, or other specialized talents. Much of the financial
aid awarded, however, is need-based. Need varies from college to college
according to the cost of attending each school and how much the student/family
is expected to contribute.
The student/family’s expected contribution (EFC) is an amount
determined by a formula established by the U.S. Congress that indicates
how much of a student’s and family’s financial resources
should be available to pay for school. Student/family financial information
is provided on two forms, the Free Application for Federal Student
Aid (FAFSA) and the Financial Aid PROFILE. While the FAFSA is used
to apply for most federal and state aid, the PROFILE is used by many
institutions to dispense their own funds. Colleges may also require
students to fill out financial aid forms specific to their given institution.
In determining their financial aid package, colleges are not bound
by the analysis of need presented in the FAFSA or the PROFILE.
A registration form for the PROFILE can be completed in the fall or
as soon as a student knows to which colleges he/she will be applying.
The FAFSA should be completed as soon after January 1 as possible.
The organizations and colleges that are to receive the results must
be included on the forms or through a written request at a later date.
The FAFSA and the PROFILE along with other financial aid materials
are available in the Career Center.
A student qualifying for aid will likely be offered a package composed
of self-aid (loans and work study) and gift aid (grants and scholarships
which do not have to be repaid). Some schools may vary the proportion
of each kind of aid based on the student’s academic standing
or other factors. The amounts awarded in the various programs listed
below may vary from year to year depending on government funding. |
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