Determination of Financial Aid
Financial Need is the difference between your Cost of Education (listed below) and your Expected Family Contribution (EFC). The financial aid staff uses your financial need figure as the basis for awarding need-based loans and grants.
Cost of Education
It is your responsibility to plan ahead, anticipate all costs, budget all resources, and request aid for the entire academic year. The components of your Cost of Education budget are:
- Books and Supplies
- Miscellaneous Expenses
The number of credits and semesters you register for determines your Cost of Education for the academic year. Your budget will be individually calculated.
- Tuition for Accelerated students is $490 per credit (2012-13 academic year, subject to change.)
- Books and supplies are $500 per semester
- Room allowance is $1200 per month
- Board is $1200 per semester
- Transportation allowance is $400 per semester
- Miscellaneous expenses are $500 per semester
Please note: The number of credits you register for determines your Cost of Education for the academic year. Because the cost of education is determined by the number of credits you take, your cost will be individually calculated once the Financial Aid Office knows the number of credits you plan to take. You will submit this information on the Institutional Application.
Expected Family Contribution (EFC)
Your EFC is determined by the U.S. Department of Education from the information submitted on the Free Application for Federal Student Aid (FAFSA). The EFC is the amount of family support you (if dependent) and your family (if independent), should be able to contribute toward your college education.
Student Housing Status
Your application for financial aid will be based in part on your housing status. You can apply as a commuter or as an off-campus student. A commuter student is a student living at home with parents, or being provided with room and board without charge (e.g. living with relatives). An off-campus student is a student living away from his/her parents' home (in an apartment or in your own house). Your housing status is a factor in determining your cost of education and is taken from what you reported on the Free Application for Federal Student Aid (FAFSA). If your housing status is off-campus, you may be required to submit a copy of your lease or deed to the Financial Aid Office.
Full-time vs. Half-time Enrollment Status
The amount of financial aid you will receive depends on your enrollment status. An undergraduate student must be enrolled in 12 or more credits per semester to be considered full-time; half-time status is considered between 6 and 11.5 credits per semester. Half-time students are entitled to certain types of federal and state aid.