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 (laptop 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 that time.
What are the requirements to apply for aid?
The student must:
How do I know if I am considered Dependent or Independent?
All applicants for federal student aid are considered either “independent” or “dependent.” Dependent students are required to include information about their parents on the FAFSA. By answering a few questions, you can get a good idea of which category you fit into.
If none of the criteria listed above apply to you, you may be considered a dependent student and may be required to provide your parents’ financial information when completing the FAFSA. If you answered yes to any of these questions, then you may be an independent student. You may not be required to provide parental information on your FAFSA.
If you have questions about your dependency status or need more information, please visit StudentAid.gov/dependency.
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?
Federal aid, including Pell Grants and Federal Direct Student Loans (both Subsidized and Unsubsidized), varies greatly based on FAFSA results. SAA’s Financial Aid Director, Tracy Gardner, can provide more information when you visit for your Financial Aid appointment.
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.
Federal financial aid funds 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