How much financial aid will I receive?
Most financial aid is based on individual economic circumstances. We determine these by analyzing the financial information you provide on the Free Application for Federal Student Aid (FAFSA) form.
We compute the difference between the total cost of your education and the amount (based on the federally required calculation) that you and your family are expected to contribute. Once this is calculated, we can determine the amount of financial aid for which you are eligible.
How do I know if I am eligible for financial aid?
1. We estimate the cost of your education. Your costs are broken down into direct and indirect costs.
Examples of direct costs include:
Tuition
Fees
Some school supplies
Indirect costs include:
Food
Transportation to and from school
Personal expenses and supplies
Housing expenses can be considered direct or indirect costs, depending on your living arrangements. The Housing Services Office can provide you with information on school-sponsored housing, as well as independent apartments.
We consider both direct and indirect costs when helping you budget adequate financial support during your enrollment at the school. Standard budget figures (available for review in the Student Financial Services Department) are used to estimate indirect costs, based on where you will live when you attend the school.
2. We add up all of your available resources for educational costs.
These resources include:
Family financial resources
Scholarships
Federal grants and loans for which you are eligible
State grants and loans for which you are eligible
Private loans
Veterans Administration (VA) benefits
Work programs
3. We subtract all of the available resources from the total estimated cost of your education.
The difference in direct costs is the amount that can be covered through the student financial planning process.
When should I apply for financial aid?
As soon as you enroll at the school, you should apply for financial aid. To be considered for financial aid, you only have to apply for it. After you are in school, annual deadline dates will be posted.
When will I receive my financial aid?
Your Student Financial Plan provides you with a schedule for aid payments from each aid program you use. These payments are usually made in equal installments for each term in each academic year. Once you complete the Federal Stafford and FPLUS Loan applications, and authorize transfer of funds electronically, your student account is automatically credited with your loan proceeds. Other aid may be paid by a check co-payable to you or your Parent(s) and to the school. You must endorse these checks and submit them to the school.*
*Some loan programs carry origination and insurance fees, which the lender deducts from the amount borrowed.