Who is eligible to receive Federal Student Aid?

To be eligible to receive federal student aid, you must meet certain requirements. You must be:

   - A U.S. citizen or eligible noncitizen

   - Registered with Selective Service (see www.sss.gov for more information)

   - Attending a participating school (accredited by a recognized agency and
     eligible for Title IV funding)

   - Working toward a degree or certificate

   - Making satisfactory academic progress

Also

   - You must not owe a refund on a federal grant or be in default on a
     federal education loan

   - You must have financial need (except for unsubsidized Stafford Loans)

   - You must not have any drug convictions

What is the FAFSA?

The Free Application for Federal Student Aid, or FAFSA, is used to apply for federal student financial aid, including grants, loans, and work-study. In addition, it is used by most states and schools to award non-federal student financial aid

Why fill out a FAFSA?

The FAFSA (Free Application for Federal Student Aid) is the first step in the financial aid process. You use it to apply for federal student financial aid, such as grants, loans, and work-study. In addition, most states and schools use information from the FAFSA to award non-federal aid.

Why all the questions?

Your responses to the FAFSA questions are entered into a formula from the Higher Education Act of 1965, as amended. The result is your Expected Family Contribution, or EFC. The EFC measures your family’s financial strength. It is used to determine your eligibility for federal student aid.

Your state, and the school you list, may also use some of your responses. They will determine if you may be eligible for school or state aid, in addition to federal aid.

How do I find out what my EFC is?

You will receive a report, called a Student Aid Report, or SAR, through the mail or the Internet. The SAR lists the information you reported on your FAFSA, and will tell you your EFC.

It is important to review your SAR when you receive it. Make sure all of your information is correct. Make any necessary changes or provide additional information.

What is my Expected Family Contribution (EFC)?

The Expected Family Contribution (EFC) measures your family's financial strength, and is used to determine your eligibility for federal student aid during one school year. You receive an EFC based on the processing results of your Free Application for Federal Student Aid (FAFSA).

How much aid do I get?

Your EFC, along with the rest of your FAFSA information, is made available to all the schools you list in Step Six of the FAFSA. The schools use your EFC to prepare a financial aid package to help you meet your financial need. Financial need is the difference between your EFC and your school’s cost of attendance (which can include living expenses), as determined by the school.

If you or your family have special circumstances that should be taken into account, contact your school’s financial aid office. Some examples of special circumstances are: unusual medical or dental expenses, or a large change in income from last year to this year.

When do I get the aid?

Any financial aid you are eligible to receive will be paid to you through your school. Typically, your school will first use the aid to pay tuition, fees, and room and board (if provided by the school). Any remaining aid is paid to you for your other expenses.

If you are eligible for a Federal Pell Grant, you may receive it for only one school for the same period of enrollment.

Can I use FAFSA on the Web to estimate my Expected Family Contribution (EFC)?

Yes. You can use FAFSA on the Web to calculate your estimated Expected Family Contribution (EFC). The estimated EFC will print on the confirmation page when you have completed and submitted the application.

Your official EFC is calculated once the school/government receives all required signatures. You will receive your official EFC with your Student Aid Report (SAR).

How much financial aid am I eligible to receive?

Your eligibility for aid depends on your Expected Family Contribution, your year in school, enrollment status and the cost of attendance at the school you will be attending.

For more information on eligibility, visit the financial aid office at your school or look at The Student Guide at studentaid.ed.gov/students/publications/student_guide/index.html

TYPES OF AID:

Federal Pell Grants are available to undergraduate students only. Grants do not have to be repaid. Very, very rarely do grants cover the full cost of tuition.

Federal Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. If your school participates in the Federal Direct Loan (Direct Loan) Program, the federal government provides the funds for your Stafford Loan. If your school participates in the Federal Family Education Loan (FFEL) Program, a private lender provides the funds for your Stafford Loan, although the federal government guarantees the loan funds. First-year undergraduates are eligible for loans up to $2,625. Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rate is variable, but never exceeds 8.25 percent. If you qualify (based on need) for a subsidized Stafford loan, the government will pay the interest on your loan while you are in school, during grace periods, and during any deferment periods. You are responsible for paying all of the interest that accrues on an unsubsidized Stafford Loan.

Federal PLUS Loans are unsubsidized loans made to parents. If you are independent or your parents cannot get a PLUS loan, you are eligible to borrow additional Stafford Loan funds. The interest rate is variable, but never exceeds 9 percent.

Federal Supplemental Educational Opportunity Grants are grants available for undergraduates only; awards range from $100-$4,000.

Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $4,000 for undergraduate students and $6,000 for graduate students.

When Federal Aid Isn’t Enough…

When grants, scholarships, and Federal Stafford Loans are not enough to cover the cost of your children's educations, they can obtain additional funding through one of Sallie Mae's private loan options: a Signature Student Loan or a Tuition Answer Loan(SM). Although neither of these loans is federally sponsored, they are both Sallie Mae education loans designed to help students obtain the funding needed to attend the school of their choice. Each of these loan options enable students to borrow up to the full cost of their education, including tuition and fees, room and board, books and supplies, transportation and even living expenses. Competitive interest rates, flexible repayment options, tax deductibility, the ability to postpone re-payment while enrolled at least half-time, and other borrower benefits make Sallie Mae's private education loans one of the most financially sound ways for students to finance their educations. Other alternatives are to look into banks, credit unions or other student loan providers.

Dependant Student vs. Independent Student:

According to the US Government the following requirements need to be met to be considered an independent student (which would mean you do NOT need your parent’s taxes to file):

*Be at least 24 years of age or any of the following:

*Serve in the US Military 

*Legally Married