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Financial Aid Eligibility

Financial Aid Eligibility

The goal of this article is to educate students about scholarship access and the necessary requirements for achieving maximum financial aid. Financial aid is usually based on a student's calculated financial need. Financial aid is awarded to students in the form of grants, scholarships, loans and work-study. Financial aid is first credited to each student's account to pay tuition and fee charges. Need-based financial aid is available to families who demonstrate a need for additional resources to help pay college costs, and the only way to learn if you are eligible for financial aid is to apply. Financial aid is designed to help individuals meet their educational expenses when their own resources are not sufficient. It is available for part-time as well as full-time students. Financial Aid is designed to assist, not fully fund, the educational experiences and yes, financial aid is prorated to reflect reduced enrollment. The amount of federal financial aid is determined annually based on federal regulations, student eligibility and the availability of funds.

You must already have the name of the sponsoring educational institution before applying for a loan, so plan your loan needs and repayment accordingly. An Emergency Loan is a 30-day, interest-free loan for educational purposes and is not associated with any other financial aid a student may be receiving. A second emergency loan will not be granted to a student who has an unpaid short-term emergency loan. Defaulting on a government loan can make you ineligible for future financial aid, and can affect your credit rating. A PLUS Loan allows a student's parents to borrow money to cover any costs not already covered by the student's financial aid package. With this loan option, parents of dependent undergraduate students may borrow up to the cost of attendance, minus any other financial aid resources. The parent/parents will fill out a PLUS Loan application (form can be found on the web) and give it to the Office of Financial Aid. A short-term loan of $100 can be charged against the financial aid if a student needs cash. If your award does not cover all your costs, you may need to apply for an educational loan through your local bank. Each college determines its own loan characteristics and eligibility requirements.

Scholarship awards are generally made between January and April 15. Be aware that Fellowship and Scholarship awards may impact student loans that you may hold. Scholarship dollars come from sources as diverse as the students who receive them. To check a scholarship service, talk to your college financial aid office or call the National Fraud Information Center at 800/876-7060.

A student's eligibility for financial aid begins with his or her financial need (except for Unsubsidized Stafford and all PLUS and Consolidation loans). The FAFSA is used to determine eligibility for all federal student financial aid programs. Student and family resources are contributing factors in the determination of aid eligibility. Appeals for special circumstances when aid eligibility is terminated may be directed (in writing) to the Director of Financial Aid. It is the student's responsibility to monitor academic progress as it relates to maintaining eligibility for financial aid. Students will be notified by an Award Letter of their aid eligibility, and continued eligibility for financial aid is evaluated on an ongoing basis.

Applying for and receiving financial aid is a complex process. Literally billions of dollars in financial aid is available to those who need help paying for college, but financial aid is awarded only to students who can demonstrate need. Applying for financial aid is easier than it sounds, and an application for financial aid is considered only after enrollment for the coming year has been decided by the school. No financial aid is given for summer study.

Financial aid is so much more than student loans. With numerous scholarships, grants and awards open to students with diverse several backgrounds and interests, there is something out there for every aspiring student!

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