How to Get Financial Aid

Student loan consolidation

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How to get financial aid

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HOW TO GET FINANCIAL AID

Aid from most of the programs discussed in this publication is awarded on the basis of financial need (except for unsubsidized Stafford and PLUS loans).

Need is based on the following equation:

Cost of Attendance — Expected Family Contribution (EFC) = Financial Need

The information you report on the Free Application for Federal Student Aid (FAFSA) is used to calculate your EFC, which is a measure of your family’s financial strength. The EFC is used to determine your eligibility for federal student aid. The formula for the EFC calculation is established by law.

If your EFC is below a certain number, you’ll be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements. The EFC is used to determine eligibility for other federal student aid programs, but there isn’t a maximum EFC eligibility threshold for those programs.

You can get worksheets that show how the EFC is calculated by downloading them from our Web site at www.studentaid.ed.gov/pubs. Click on the award year appropriate to you under The EFC Formula. You can also get the worksheets by contacting the Federal Student Aid Information Center at the address or phone number. Calculate how much money do you need each semester.

Obtain all the information about financial aid for students: grants and scholarship, student loan debts, work-study programs.

Check your options: Is possible to get a part time job, during the academic year o maybe your family can help you to pay the studies?

STUDENT LOAN CONSOLIDATION GLOSSARY

U

Undergraduate student Unemployed Unfulfilled repayment Unsubsidized loan

Undergraduate student

Student studying for a first degree: student at a university or college who has not yet received a degree.

Unemployed

Being involuntarily out of work. The government defines unemployed as people who are jobless, looking for jobs, and available for work.

Unfulfilled repayment

The payment which has not been realized.

Unsubsidized loan

A student loan for which the student is responsible for paying the interest that accrues from the date the fund are disbursed to the date the loan is paid in full, regardless of the student’s enrolment status.

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