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How is Need Determined?
Most financial assistance is awarded on the basis of financial need and may include
a combination of the various types of aid. Need is defined as the difference between the
cost of attending Central Lakes College and the available resources of the student and
student’s family to meet these costs. The Expected Family
Contribution (EFC) is used to describe the available resources of the
family. The EFC is determined by the results of the
Free
Application for Federal Student Aid, also known as the FAFSA..
The cost of attendance is a combination of different college related
expenses and living expenses.
Tuition
and fees are a natural part of expenses along with books for
classes. Below is a sample budget for financial aid recipients at
CLC. Notice that it includes room and board and traveling along
with the tuition, fees and books.
Estimated
Budget
Cost of Attendance |
2008-2009 |
|
Tuition/Fees |
$4,540 |
|
Books/Supplies |
$1,000 |
|
Room/Board |
$5,050 |
|
Transportation |
$4,400 |
|
Personal/Misc |
$2,010 |
|
Total |
$17,000 |
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Once the EFC is subtracted from the cost
of attendance the remainder is considered need. The Financial Aid
Office then processes an aid package to assist the student in financing
the remaining need. It is important to note that the aid package
while assisting the student with financing may not be able to cover the
whole remaining need.
What are the Eligibility Requirements:
Unless otherwise stated, students receiving financial aid must:
- Have a valid Free Application for Federal
Student Aid (FAFSA) received by the Financial Aid Office
before the last day of the semester.
- Demonstrate financial need, as determined by
the results of the FAFSA;
- Have a high school diploma, GED, or pass an
"ability to benefit" test;
- Be enrolled as a regular student in a
degree
program of at least one term and 16 semester credits in duration that leads to a certificate,
degree or other recognized credential and prepares students for gainful employment in a
recognized occupation;
- Show
attendance in each class for which financial aid was received. A
students’ financial aid award will be recalculated for any class the
student never attends. As a result you may owe tuition and fees
after financial aid funds are recalculated.
- Maintain Federal and state regulations
requiring that all persons receiving financial aid meet the
College’s
Satisfactory Academic Progress Policy;
- Be a U.S. citizen or an eligible
non-citizen;
- Not be in default on any student loan or owe a
refund to any student grant program;
- Be registered for
Selective Service (if
required).
Students receiving financial aid awards
have rights as well as responsibilities. Please click
"Rights
& Responsibilities" if you would like to know what those
are.
Confidentiality of Financial Records
The General Education Provision of Act of 1974,
as amended by the Family Educational Rights and Privacy Act of 1974, provides for privacy
safeguards for students and families by setting up guidelines for the disclosure of
education records and personally identifiable information. The law provides that financial
assistance records of a student may be inspected by that student only. |