How Your FSA is Calculated

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Summary

  • Your FAFSA (Free Application for Federal Student Aid) will be used to evaluate your eligibility for a grant and/or loan(s)
  • The type of financing and amounts awarded will vary primarily based on financial need and enrollment status
  • See below for award ranges by type of Federal Student Aid (FSA)
  • You may qualify for both a Pell Grant and a loan depending on your financial need
  • Financial need is calculated using the factors of your Expected Family Contribution and the costs associated with attending a university
  • Check out the U.S. Department of Education’s FAFSA4caster to explore the financial aid for which you may qualify

Financial Need is calculated as follows (for more details on each of the factors, click on the factor title in the left hand column):

Factor

Summary Definition

Cost of Attendance

Costs (at least half-time student)

  • Tuition
  • Cost of room & board (reasonable allowance for living expenses for online university students)
  • Books, supplies, loan fees, miscellaneous expenses
    (including a reasonable amount for the documented cost of a personal computer)
  • An allowance for dependent care
  • Costs related to disability
  • Eligible costs for study-abroad programs
- (minus) 
Expected Family Contribution

An Indication of how much a family can contribute (based on entries on your FAFSA)

  • Family's income after taxes
  • Family's assets (for calculating net worth)
  • Family size
  • Number of family members attending college
= Financial Need 

More Details

Award Ranges By Type of Federal Aid

Grants

Annual Award Amount

(2010-2011)

Pell GrantUp to $5,550
TEACH GrantUp to $4,000
SMART GrantUp to $4,000
ACG Grant

1st Year: Up to $750

2nd Year: Up to $1,300

Loans 

Direct Stafford/Ford Loans: Subsidized

$3,500-$8,500

Amount depends on grade level, dependency status and financial need.

Direct Stafford/Ford Loans: Unsubsidized

$3,500-$20,500

Minus any subsidized loan amounts received.

Amounts depend on grade level and dependency status.

PLUS Loan: Grad
PLUS Loan: Parent		Maximum amount is cost of attendance minus any other financial aid you receive.

Unsubsidized Stafford loans, PLUS Loans and TEACH GRANTS are not based on financial need.

Cost of Attendance

  • Also referred to as the ‘Student Budget,’ this is an estimate of the total costs for a student to attend any university, the rules for which are established by law
  • Costs unrelated to the completion of a student's course of study are not included in calculating that student's cost of attendance
  • Educational expenses considered in determining the student's yearly cost of attendance are listed below and in the chart above  

    • Personal, and room and board allowable costs: 

      • Online students do not have a transportation component to their cost of attendance figures
      • Personal expenses amount allowed to all students is $247* per month
      • Room and board expenses allowed:

        • Students without dependents (living with their parents) are allowed $393* per month
        • The allowable costs for students without dependents who do not live with their parents or students with dependents are $783* per month
      • Both personal and Room & Board expenses are obtained from the Bureau of Labor and Statistics
    • Tuition and books (calculation is based on your class schedule)
    • Other education related expenses (computer, supplies, etc)

* Figures are determined by a national average obtained from the Bureau of Labor and Statistics

Expected Family Contribution (EFC)

  • A standard calculation has been created by the U.S. Department of Education to measure how much your family can afford to contribute to your education expenses. The inputs for that calculation are included in your FAFSA
  • The EFC is used to determine your aid type and amount
  • You will have the EFC reported to you on the Student Aid Report (SAR) after submitting your FAFSA
  • The U.S. Department of Education has a document detailing how they calculate your EFC
  • See above for the summary of inputs that make up your EFC calculation

Financial Need

  • Your resulting financial need dictates the following:

    • If you are eligible to receive federal student aid
    • If so, the type of federal student aid you will receive (grant and/or loan)
    • The amount of federal student aid offered
  • If you have unusual circumstances that need to be considered, please contact your Federal Aid Administrator at our university
  • A student's aid package may not exceed the cost of attendance
Need Help with Financial / Tuition Assistance?

- Watch brief videos with answers to many of your financial assistance questions on Financial Aid TV
- Attend an online Financial Aid Orientation session with the experts
- For additional assistance, contact our Financial Aid Help Desk:  877-372-3535 | Send an e-mail
 

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