Award Determination
You took the time and made the effort to apply for financial aid
by submitting the application. Financial aid applications are processed
centrally by national processors. The processor does not award or
deny funds. They assist in calculating your financial need.
Step 1: Completing Verification
We received all supporting documentation. This involves cross-checking
information from all documentation (including the application) related
to earned income, untaxed income, expenses, assets, liabilities
and household size. This process is called "verification".
Step 2: Assigning Budgets
We assigned a
standard student budget which includes basic costs of fees,
books and supplies, room and board, transportation and personal
expenses.
Step 3: Calculating Expected Contribution
We verified your parent and student contribution as calculated
by the Federal need analysis formula. This family contribution is
the amount which the family may reasonably be expected to contribute
toward meeting your college expenses. The formula assesses income,
expenses, assets and debts as well as the size of the family and
the number of family members attending college. This process is
called "need analysis". The theory of need analysis is based on
the following assumptions:
- Students have primary responsibility to pay for their education
- Parents, to the extent that they are able, have responsibility
to pay for their children's education.
- Parents will contribute, as they are able, funds for their children's
education.
- Families should be evaluated in a consistent and equitable manner
while recognizing that special circumstances can alter a family's
ability to contribute.
All students (dependent and independent) are expected to contribute
toward their education. Your expected contribution is determined
by adding together all resources which include:
- Earnings from employment;
- All other assistance such as Aid to Families with Dependent
Children (AFDC), Social Security and Veterans' Benefits;
- A percentage of assets such as savings and investments.
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Step 4: Establishing Financial Need
From the need analysis, we are able to determine the relative financial
strength or ability to pay for postsecondary educational expenses.
Financial need is determined by subtracting the amount of the expected
contribution from the standard budget. The remainder equals financial
aid eligibility or "financial need".
What It Costs - Expected Contribution = Financial Need
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