How is the financial aid package determined?

The Department of Education has established the requirements that must be followed when awarding federal funds.  There is a distinction between the need-based funds and those that do not require financial need.  Some funds, such as the ACG (Academic Competitiveness Grant), also have other parameters in addition to financial need requirements. There are need-based funds which are limited, and students are encouraged to apply early in order to be assured the best award package possible.  In general, students whose FAFSA results indicate the greatest financial need are the most eligible for grant, work-study and subsidized loan programs.  Students may qualify for all three federal programs, or they may only qualify for the loan programs.  Using all available federal and nonfederal aid, the financial aid office constructs a financial aid package that comes as close as possible to meeting the student’s demonstrated financial need.  However, because funds for all programs are limited, the amount awarded can be less than the amount of the student’s financial need. Outside scholarships and funding sources will also need to be considered into the financial need calculation.  Since these sources will decrease the financial need, adjustments to awards may be necessary in order to comply with federal, state and institutional regulations.

The financial aid package is presented to the student electronically where they can have 24/7 access to their financial aid record.  The student may accept or decline any of the financial aid offered.