How Financial Aid Works
Financial assistance from the University should be viewed as a supplement to the financial efforts of the family/student.
The Financial Aid office places primary emphasis on financial need, enrollment status, academic achievement, character and future promise.
Your need-based aid amount is calculated by subtracting your expected family contribution (EFC), as determined by your FAFSA results, from the Cost of Attendance.
Once financial need is determined -
First, outside sources of aid, such as grants and scholarships, are applied to your outstanding needs.
Then, financial aid awards such as loans and employment are offered based upon program eligibility and need.
Finally, an "Award Notification Letter" will be mailed to the new incoming freshman or emailed to returning students listing the sources, amounts, and terms for which assistance is offered.
Things to know about Financial Aid
The Financial Aid Office may cancel or reduce any award/funds because of changes in a student's financial or academic status, academic program, living arrangements, or enrollment status.
Students have Rights and Responsibilities in the financial aid process.
Financial Need is defined as the difference between the cost of attendance and the expected family contribution as determined by your FAFSA results.
- Most University student financial aid is awarded based on the assumption that students will enroll full time - at least 12 credit hours per semester. Awards may be adjusted for any other enrollment status.
Federal programs allow you be enrolled at least half-time - six hours of required course work. Audit hours are not acceptable. (Some Federal Pell Grant recipients are eligible for partial awards for less than half-time enrollment.)
- Aid is limited to course work required for a degree program.
- Students are eligible for aid for a total of 30 hours of required remedial courses.
- Complete withdrawal from classes or dropping a class without attending it may result in the required repayment of the financial assistance or the forfeiture of any entitled refund.
- Transient students attending Faulkner are not eligible for student financial aid and should check with their home institution on availability of aid.
Basic Eligibility for Federal Programs
To be considered for federal financial aid, you must meet all of the following requirements:
- Maintain satisfactory academic progress as defined in the policy in the University catalog;
- Not owe a refund on any federal/state grant previously received at any institution;
- Not be in default on any federal educational loan received from any institution;
- Be a U.S. citizen or a permanent resident;
- Be registered with the Selective Service, if applicable.
Helpful Hints when applying for Financial Aid
- Apply early. An early start will leave time to collect information, ask questions and solve problems.
- Read instructions and follow directions carefully making sure all documents submitted are complete, accurate and contain required signatures.
- Print your name and Social Security number on all documents submitted.
- Make copies of all documents including all correspondence with your lender or school and keep them in a financial aid file.
- Mail all tax return transcripts and other documents to the Financial Aid Office.
- Carefully read all correspondence from Financial Aid.
- Respond promptly to all requests for additional information.