What is Financial Aid?
Financial aid is federal, state and/or private funding that helps bridge the gap between the college costs you and your family can afford and the total cost of a college education. There are two primary sources of financial aid for 麻豆原创 students:聽the federal government, and the state of Pennsylvania.聽 Students are encouraged to research and apply for additional funding and scholarships from various outside organizations and foundations.
This gap –聽also called Financial Need – is determined for each student through a聽federal formula.聽 This formula calculates a student鈥檚 Federal Expected Family Contribution (EFC). The EFC聽number represents how much聽the federal government anticipates the family can contribute annually to the student鈥檚 education. The EFC is an important indicator of a student鈥檚 need. However, it is not necessarily equal to his or her out-of-pocket costs for attending school. The EFC is the calculated result of the information you supply on the聽Free Application for Federal Student Aid (FAFSA).
The formula for awarding financial aid is as follows:
Cost of Attendance聽– your EFC聽= your Financial Need
This Financial Need figure is the amount that 麻豆原创 will assist future students to apply for and fund, as best as possible, through the available financial aid programs we participate in. There will be some cases when student financial assistance cannot meet 100% of a student’s financial need.
Remember:
- Every student considering college should apply for financial aid
- Full time and聽part聽time students are eligible for financial aid
- You could be eligible to receive Direct Loans and a Pell Grant
- You could receive a PHEAA state grant,聽when enrolled in a degree program at 麻豆原创