Are You Eligible for Financial Aid?

You can already imagine it. You're attending class, studying to reach your goals. You're engaged in an academic world with daily challenges and rewards, working towards your dream career. If the only thing standing between you and higher education is money, financial aid can help.

Millions of students just like you fill out a Free Application for Federal Student Aid (FAFSA) every year to qualify for the grants, scholarships, work-study, and loans available to finance your education. But how does the information you submit on the FAFSA determine your financial need?

Getting Started with Financial Aid

The financial aid office uses the information you submit on the FAFSA to determine your eligibility for financial aid using the following components:

• Cost of Attendance (COA): The amount your school calculates it costs to attend, including tuition and fees, room and board, and other expenses.
• Expected Family Contribution (EFC): The amount you and your family are expected to contribute toward your education based on FAFSA information.

The financial aid office uses the following formula to determine your eligibility for aid: COA minus EFC equals Financial Need. The amounts and types of aid you receive vary from institution to institution based on factors such as the COA at the school, the funding available, and whether or not you completed your financial aid application on time so make sure to contact your financial aid office for deadlines.

Personalizing the FAFSA

Because no two financial situations are alike, the FAFSA asks specific financial questions to determine your EFC. If you are a dependant student, the following factors are considered:

• Parental income and assets
• Your parents' age
• The number of people in your family
• The number of siblings attending college simultaneously

Financial Aid beyond the FAFSA

The federal government isn't your only source of financial aid. Black scholarships and other funding geared towards minority students can help cover your school's cost of attendance. The following civil rights groups and philanthropic groups commonly offer black scholarships based on merit and/or need:

• The United Negro College Fund (UNCF)
• The Thurgood Marshall College Fund
• The National Association for the Advancement of Colored People (NAACP)
• The National Action Council for Minorities in Engineering (NACME), Inc.

Research these groups for specific information on scholarships and funding programs. Between federal funding and private scholarships, you can turn your dream of higher education into a reality.

Sources
NAACP
UNCF