Q6. How is the financial aid award calculated?
The Government's Role:
The U.S. Congress has established the basic parameters under which eligibility for financial aid programs is calculated. FAFSA data is analyzed and a calculation yields the student’s EFC, or Expected Family Contribution. The financial aid office uses this EFC in the awarding process. To find out more about how the EFC is determined please see the EFC Formula Guide.
Please understand that your EFC is not a bill. Your EFC is only a number used by the school to determine your eligibility for certain types of financial aid programs.
The University's Role:
UAA takes your Cost of Attendance and subtracts your EFC to determine your financial need. The Cost of Attendance is the anticipated budget for all school related expenses – it is not the same as your student account balance that reflects actual registration expenses.
In general, students whose FAFSA data shows them to have the greatest financial need have the most eligibility for grant, work-study, and subsidized loan programs. The programs you are eligible for also depends upon the rules for each award program, and on whether there are funds left in UAA’s allocation for that program by the time we receive your FAFSA data. Taking into account your financial need and the limitations on the aid programs available, you will be awarded with grants first, then work-study, then loans. You may qualify for all three, or you may only qualify for loans.
If you receive outside scholarships or funding from another source, your financial need will decrease and your other awards may have to be adjusted (we try to adjust loans first, then work-study, so as to preserve grant funding). You are required by federal law to report scholarships and other sources of funding, so please notify the financial aid office as soon as you know you’ll be receiving an outside scholarship.