What Is Financial Aid and Cost of Attendance
Financial Aid is assistance in the form of grants, loans, and work. It is provided by federal, state, local or private sources to help meet college expenses. Most financial aid is based on financial need, enrollment status, satisfactory academic progress and attendance, and availability of funds. It is intended to supplement, not to replace, family and student contributions. Loans must be repaid with interest.
The information you supply on the Free Application for Federal Student Aid (FAFSA) is used to determine your (or your family’s) contribution to your college education. Financial need is defined as the difference between total college costs (tuition, fees, transportation, books, and personal expenses) and the student’s and/or family’s contribution.
How Cost of Education is Determined
To determine how much financial aid you may receive, the Office of Student Financial Assistance first determines your cost of attendance. Below is a sample cost of attendance for an academic year for full time students who are dependent and independent paying resident tuition and for an independent and dependent student required to pay non-resident tuition based on 2017-2018 tuition charges.
SAMPLE BUDGET FULL-TIME, 12 OR MORE UNITS
| DEPENDENT IN STATE | DEPENDENT NON-RESIDENT | |
| TUITION |
4,980 |
11,770 |
| FEES |
776 |
776 |
| BOOKS |
2,000 |
2,000 |
| ROOM | 0 |
0 |
| BOARD |
3,100 |
3,100 |
| PERSONAL |
1,200 |
1,200 |
| TRANSPORTATION |
2,200 |
2,200 |
| TOTAL |
14,256 |
21,746 |
|
INDEPENDENT IN-STATE |
INDEPENDENT NON-RESIDENT |
|
| TUITION |
$4,980 |
11,770 |
| FEES |
776 |
776 |
| BOOKS |
2,000 |
2,000 |
| ROOM |
6,200 |
6,200 |
| BOARD |
3,100 |
3,100 |
| PERSONAL |
1,200 |
1,200 |
| TRANSPORTATION | 2,200 |
2,200 |
| TOTAL |
20,456 |
27,246 |
Note: Figures are subject to change.
How need is Determined
You and your family’s ability to contribute to your education is determined by a formula set by law which analyzes the information submitted on your FAFSA. The result of this process is referred to as your EFC or Effective Family Contribution.
Your need is your total Cost of Education as determined by the institutional budget minus your EFC or Effective Family Contribution.
Since family financial strength and EFC is based on prior prior years’ income and family situation (e.g. 2015 information is used to determine your EFC for 2017-2018) circumstances could have changed such as loss of job, death etc. If you or your family experience dramatic changes in their financial situation form one year to the next, you should collect all appropriate documentation and make an appointment with your financial aid counselor to have your circumstances re-evaluated.