What is the Cost of Attendance?
The total yearly amount it will cost a student to go to school: tuition and fees, room and board (rent since saa does not have on-campus housing), transportation, miscellaneous (lap top computer), loan fees, etc. (education related)
Cost of Attendance – Expected Family Contribution = Financial Need
Need can only be determined by completing a Free Application for Federal Student Aid (FAFSA). It is suggested that you meet with your school’s financial aid department to make sure that the form is completed properly and that any necessary documentation is copied and returned.
Unless you know for sure that you will be paying for tuition and fees in cash and have the money set aside, it is strongly suggested that you go through the financial aid process and complete a FAFSA. You may think that you do not qualify for aid because of your family’s income, but you may be surprised.
If, at your initial meeting, you decide not to complete the FAFSA but the family situation changes during the year, please contact the Financial aid Office. You should be able to complete a FAFSA at any that time.
What are the requirements to apply for aid?
The student must:
How do I know if I am considered Dependent or Independent?
Living with a parent makes no difference in your dependency status. If you answer yes to one of the following questions and can supply proof, you can be considered independent and only have to use your (and your spouse’s if married or separated) income and assets. If you answer no to all seven questions, you are dependent and have to use income and asset information of both the student and your parent’s (stepparent). If your parent is married as of the day the form is completed, then the stepparent’s income and assets are added in too.
For the 2013-2014 academic year (which applies to students starting in Fall 2013) you will be asked if:
Grandparents are not considered parents unless they legally adopt you.
Just because you have a child does not mean you are supporting the child. Unless you have “current means of support,” chances are someone else is paying the bills and you go back to being dependent. Sometimes special circumstances can be taken into consideration to adjust a student’s aid or status, but it is on a case-by-case basis. Adequate proof is always needed and the financial aid director or administrator of the school has the final say. An appeal will not be addressed by the U.S. Department of Education.
What is a grant?
Money awarded that does not have to be repaid.
What is a loan?
Money lent with interest that has to be repaid.
How much money can I get?
Pell Grant, if eligible depending on FAFSA results, ranges from $400 to $5,500.
Federal Direct Student Loan Subsidized – Year 1 $3500, Year 2 $4500
Federal Direct Student Loan Unsubsidized – 1st and 2nd year $6000
Federal Direct Parent PLUS Loan (requires a credit check) (is based upon a credit check that the financial aid department runs for you) is equal to your COA minus any other financial aid you receive for the academic year. Interest is unsubsidized and the principal balance payments start once the full loan is disbursed (usually after the 2nd semester begins).
An origination fee is deducted by the Federal Department of Education, to safeguard the parent and student in case of death or permanent disability. If either case arises, the loan will be paid off by the government and will not fall back on another family member to repay.
You are given 10 years to repay federal loans.
The funds listed above are sent to saa by Electronic Fund Transfer (EFT). No checks will have to be signed unless you originate a loan from another source or private lender.
Twenty things to consider