FINANCIAL AID ELIGIBILITY
In general, you are eligible for Federal Aid if you meet the following requirements and you must complete a FAFSA:
FINANCIAL NEED AND EXPECTED FAMILY CONTRIBUTION (EFC)
Aid for most of our programs is awarded based on financial need (except for unsubsidized Stafford Loans and PLUS Loans). The EFC is the number used to determine your eligibility for federal student aid. The EFC is calculated from the information you report on the FAFSA and according to a formula established by law, and is applied consistently to all applicants. In order to perform this evaluation, it is necessary to request confidential financial facts about your family’s income (taxable and untaxed) and assets, the size of your family, the number of persons attending post secondary school, and any unusual circumstances or expenses you face. These facts are considered in determining your EFC. Your EFC will appear on the Student Aid Report (SAR) you receive from the Department after you file your FAFSA. This EFC number is not a dollar figure, but is used along with the total cost of attending this Academy and your enrollment time status (full or part-time) to determine the actual amount of your grant and/or loan. To determine your financial need for federal student aid programs (except for an unsubsidized Stafford Loan), your school subtracts the Expected Family Contribution (EFC) from your cost of attendance.
Cost of Attendance– Expected Family Contribution (EFC) = Financial Need
SPECIAL CIRCUMSTANCES – DEPENDENCY OVERRIDE & PROFESSIONAL JUDGEMENT
The EFC formula is basically the same for all applicants; however, if your family has unusual circumstances, our director of financial aid can use professional judgment authority to adjust the cost of attendance or the information used to calculate your EFC. These circumstances could include your family’s unusual medical expenses, tuition expenses, or unemployment. Our director of financial aid must have good reasons to use professional judgment to make adjustments because of unusual circumstances. You will have to provide documentation to support any adjustments. Our director of financial aid’s decision as to whether to make changes is final and can’t be appealed to the Department.
Additional examples of unusual circumstances that our director of financial aid may consider as factors in making an adjustment in the expected family contribution calculation or to the cost of attendance are:nursing home expenses not covered by insurance;dependent care costs;a student or family member who is a dislocated worker; and a change in housing status that results in homelessness.