Overview of Financial Aid
Financial aid consists of four basic types: grants, employment programs, loans, and
scholarships. The first three types are need-based financial aid; scholarships may or may not be
need-based. To be eligible for federal student aid, a student must:
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be a U.S. citizen or an eligible non-citizen
be enrolled, or accepted for enrollment, in a degree
or certificate program at a college, occupational or
career school approved by the U.S. Department of
Education
have a high school diploma or GED
have a valid social security number
register with the U.S. Selective Service if required
to do so
Since financial aid is based on the concept of need, it is important that you understand the
definition of “need.” Need is the difference between the total cost of attendance at the school of
your choice and your family contribution plus any aid you will receive from private
sources. Need is determined by analysis of the data on your FAFSA (Free Application for
Federal Student Aid). [THE FAFSA IS A FEDERAL FINANCIAL FORM THAT IS USED
TO DETERMINE YOUR ELIGIBILITY FOR FINANCIAL AID AND IS ABSOLUTELY
NECESSARY SHOULD YOU BE SEEKING SCHOLARSHIP/FINANCIAL AID FROM
ANY COLLEGE OR UNIVERSITY. THE FAFSA IS AVAILABLE IN DECEMBER OF
THE SENIOR YEAR BUT MUST NOT BE MAILED UNTIL AFTER JANUARY 1.]
The total cost of attendance at a school will vary from college to college and can even vary
within the same school depending on numerous factors such as your status within the school, the
number of courses you take, your state of residency, and your choice of residence on
campus. Once a student is admitted to a college, career or vocational school, the financial aid
officer at the given school is the primary source of information regarding the financial aid
package which can consist of grants, loans, work/study, and scholarships. Students are
encouraged to contact the financial aid officer for assistance. Unless there is a drastic change in
your family finances, the family contribution and student expected contribution will not change.