MyFinancial Aid Application

Over $130 billion in Financial Aid is awarded (given out) annually to students across the United States. While the process may seem time consuming, the payoff is well worth the time invested.

Free Application for Federal Student Aid - FAFSA
The FAFSA application is used nation-wide by schools to determine the types and amounts of Financial Aid (scholarships, grants, work-study and loans) you are eligible to receive. All families, regardless of income level, are encouraged to complete a FAFSA.

The EFC (Expected Family Contribution) is the amount of money the family unit should be able to contribute to the cost of your education as determined by the FAFSA. This is not necessarily what you will pay but what the college requires in order to create your personal Award and/or Financial Aid Package (all scholarships, grants, work-study and loans being offered).

Dependency Status (Dependent or Independent) is used by the Federal Government to calculate your EFC. Most traditional students are considered Dependent Students; this is regardless of your family’s ability or willingness to assist with college expenses. The Higher Education Act of 1965 defines an Independent Student as:

Student was born before January 1, 1985
Student enrolled in a Graduate Degree/Certificate Program
Student is married or separated
Student has dependents they provide more than half of their support
Student has Military Service as a Veteran, Active Duty Enlistee, or Reserve Called to Active Duty

Parents EFC Factors– Taxed income, untaxed income, and additional assets are offset by taxes and the number of parents and children attending college in the household. There are income and asset protection allowances built into the formula. Excluded assets include primary residence, life insurance, retirement plans, pre-paid tuition plans, savings, and checking account balances; these may still be reported.

Student EFC Factors- All income after the first $3080 (taxed and untaxed) and 20% of any and all other assets in the student’s name.

The EFC does not take into account special circumstances that you or your family may be experiencing. For example, if there has been a significant loss in income or increase in medical expenses you should and contact the Financial Aid Office at the college(s) you will be attending as soon as possible. Documentation of your circumstances will most likely be required.

Some Financial Aid will be awarded on a first-come-first-serve basis; therefore, the FAFSA should be completed as close to January 1st EVERY YEAR that you plan to attend college. Information from a Federal Income Tax Return for students (if filed) and parents (if dependent) for the previous tax year will be needed. The income information can be estimated on the FAFSA and updated later for those that expect a delayed filing date.

Upon successful completion of your FAFSA you will receive a SAR (Student Aid Report). The SAR is a multiple page colorful summary of the information you completed on your and your family's financial information. You should receive the SAR within 7-10 business days after completing or updating any information.

The SAR also contains your EFC (Expected Family Contribution), this is the amount the college will be using to create your financial need and award package. Your Financial Aid Award/Package should follow for the college(s) where you’ve been accepted and you have indicated on your FAFSA. Review the information on your SAR, report all corrections immediately as directed. The Financial Aid Office may be able to make the corrections for you electronically expediting the process. If you are selected for Verification "you will be asked by your school(s) to provide copies of certain financial documents." If you receive this notice contact the Financial Aid Office for direction.

Institutional Financial Aid

In addition to the FAFSA, many colleges have Institutional Financial Aid Applications and Deadlines. Details can generally be found in the college’s catalog, web site, through individual departments, and the Financial Aid Office. It is important to note that the deadlines are often inflexible and can occur very early in the year, sometimes even before the admissions decision process is complete.

State Financial Aid Application

Financial aid may be available at the state level as well. Keep in mind that most states have dates and deadlines that are often inflexible and can occur very early in the year, sometimes even before the admissions process is complete. State Higher Education Office Search