How will I know what I am eligible for?
Eligibility for federal student aid is based on financial need and on several other factors. The financial aid administrator at the college or career school you plan to attend will help to determine your eligibility.
The information you reported on your FAFSA is used to determine your Expected Family Contribution (EFC), which is calculated by a formula established by law. The EFC is not the amount of money that your family must provide. However, you should think of the EFC as an index that colleges and universities use to determine how much financial aid (grants, loans or work-study) you would receive if you were to attend their school. If your EFC is below a certain number, you will be eligible for a Federal Pell Grant that is, if you meet all other eligibility requirements.
You can get worksheets that show how the EFC is calculated by downloading them from there Web site at www.studentaid.ed.gov/pubs. Click on the award year appropriate to you under “EFC Formula.”
The amount of your Pell Grant depends on your EFC, your cost of attendance (which the financial aid administrator at your college, university, or career school will figure out), and your enrollment status (full time, three-quarter time, half time, or less than half time).
For other financial aid programs, the financial aid administrator at your college, university, or career school takes your cost of attendance and then subtracts your EFC, the amount of a Federal Pell Grant you are eligible for, and financial aid you will get from other sources. The result is your remaining financial need:
Cost of Attendance
- EFC
- Federal Pell Grant Eligibility
- Aid From Other Sources
= Remaining Financial Need
If you are attending at least half time, your cost of attendance is the sum of
• your actual tuition and fees (or the school’s average tuition and fees)
• the cost of room and board (or living expenses for students who do not contract with the school for room and board)
• the cost of books, supplies, transportation, loan fees, and miscellaneous expenses (including a reasonable amount for the documented cost of a personal computer)
• an allowance for dependent care
• costs related to a disability
• reasonable costs for eligible study-abroad programs.
Costs unrelated to the completion of a student’s course of study are not included in calculating that student’s cost of attendance.
A financial aid administrator can consider special or unusual circumstances such as unusual medical expenses, tuition expenses, or unemployment and can adjust your cost of attendance or some of the information used to calculate your EFC. The financial aid administrator at your college, university, or career school can also change your status from dependent to independent but only under specific circumstances. Your financial aid administrator can explain these circumstances to you. You will have to provide your college, university, or career school with documentation to justify any change. The decision to change or not to change your dependency status is based on the financial aid administrator’s judgment, and it is final. It cannot be appealed to the U.S. Department of Education.
