Requirements
- Be enrolled on at least a half-time basis in a degree or certificate program.
- Be a U.S. citizen, national, permanent resident, or other eligible non-citizen.
- Maintain satisfactory academic progress as defined by the institution.
- Not be in default on Federal, Perkins, SLS, or PLUS loans at any institution.
- Be registered with the Selective Service, if required by law to do so.
Calculation
Determination of eligibility for need-based aid is calculated annually for all applicants for Federal Loans, Federal Perkins Loans, and Federal Work-Study Programs. Financial need is determined as follows:
Tuition
+ Fees
+ Books (based on previous averages)
+ Student’s living budget (based on statistics from the Labor Bureau)
+ Allowance (to cover the origination fees of a Stafford Loan)
= Your total educational cost of attendance (COA)
Expected Family Contribution (EFC)—derived from the federal formula which takes into account a portion of your income and assets.
Your total educational COA – EFC = Financial need
