For many college students, financial aid can greatly affect their decision as to whether or not they will attend college, or which institution they do attend. Because of the importance, the decision to apply for a financial aid program, and which program to accept, should be made only with a total and complete understanding of the process, requirements, benefits, and responsibilities.

When you do apply for financial aid from federal financial aid programs, some of your information will be verified with certain federal agencies, including the Social Security Administration (for verification of social security numbers and U.S citizenship status). If the information does not match, any discrepancies must be resolved before you can receive any federal student financial aid.

Information is also checked with the National Student Loan Data System (NSLDS) to verify that you are not currently in default on a federal college student loan, have not received an overpayment on a federal grant, and have not borrowed more than the total limit allowed.

If you have received federal, state or University financial aid funds, you must make satisfactory academic progress throughout your program in order to continue to maintain your eligibility. Go can go to Satisfactory Academic Progress (SAP) for a complete explanation of these expectations.
After you have submitted your application for financial aid, you will need to submit the renewal FAFSA each and every year to continue to receive the financial aid. If there are any changes in your family’s income, household size, and or the number of family members enrolled in college, your financial aid eligibility can either increase or decrease depending on the situation.

In addition, there will be variations from year to year in the financial aid funds that will be available from federal, state and or University sources. These variations could require adjustments in financial aid awards.

If you are a non-degree graduate college student or a graduate college student paying the program fee, you might be eligible for some other college student loans. You can visit the “Non-Degree and Program Fee Students” on the internet for details.

They will primarily use two factors to determine the amount and types of financial aid you may receive: the cost of attendance and the expected family contribution (EFC).

The cost of attendance will include tuition and fees as well as room and board, books and supplies, and personal and transportation expenses. You can visit university costs at your schools website for a more complete listing of tuition, fees, and expenses.

Your expected family contribution (EFC) is a figure calculated by the U.S. Department of Education. They arrive at the EFC dollar amount by combining information from your Free Application for Federal College Student Aid (FAFSA) with standardized financial analysis for federal college student aid programs.

Financial aid services will subtract your EFC from your cost of attendance; the difference is your eligibility for federal financial aid, including federal, state, and institutional funds. In addition, they will also consider your year in school and your enrollment status when determining your need.