Financial Aid
Frequently Asked Questions
Questions
1. What is financial aid?
2. Who provides financial aid?
3. How do I get financial aid?
4. What does this FAFSA Thing Do?
5. What types of assistance are there?
6. What's the difference in merit aid and need-based aid?
7. What is financial need?
8. What is included in the cost of attendance?
9. How is the expected family contribution (EFC) calculated?
10. How do I know if I am dependent or independent?
11. Will I get more financial aid if I am “independent” of my parents?
12. Is aid available if I already have a bachelor's degree?
13. What aid is available to graduate students?
14. Is there aid available for summer school?
15. Is aid available to international students?
16. Do I have to be seeking a degree to get financial aid?
17. Can I receive aid from two schools at once?
18. Where can I get more information about financial aid?
Answers
What is financial aid?
Financial Aid is money in the form of grants, scholarships, work-study, loans,
educational tax credits or a benefit from completing community service or military
service to help students pay for education after high school.
Who provides financial aid?
You've heard the advertisements from Scholarship Search Companies that millions
of dollars in private scholarships go unclaimed each year. The truth is that
the major surce of student aid is the U.S. Department of Education. The State
of Texas provides financial aid to Texas residents. SAGU makes a major commitment
in providing institutional assistance to students. Other public and private
sources like clubs and organizations, banks and employers are all sources
of money to help you pay for college.
How do I get financial aid?
File a Free Application for Federal Student
Aid — and do it as early as possible. (Jan. 1, 2005 is the earliest
day you can file the FAFSA for the 2005-2006 academic year.) It’s good
to file the FAFSA based on a completed tax return. However, it’s far
better to file the FAFSA early with estimates than later with exact figures.
If you won’t have your taxes done by early February, estimate.
What does this FAFSA Thing Do?
When you complete your FAFSA, send it to the federal aid processing center
or file online. It uses a congressionally
mandated formula to determine your expected family contribution (EFC), which
is the amount your family can afford to contribute toward college expenses.
(Remember this is the government we’re talking about, so be prepared.)
The center will send your EFC to the schools you indicate on your FAFSA.
What types of assistance are there?
Gift Aid is money that doesn't have to be paid back.
These come in the form of scholarships, tuition allowances
and grants. This is the most desirable type of financial assistance
because it does not have to be repaid.
Self-help Aid is money that is earned or that must be paid
back.
Work-study is money that you earn by working a part-time
job while you are in school.
A loan is money that you borrow that must be paid back,
usually after you leave school or drop below half-time status.
There are student loans and parent loans available to help finance
your education. Rarely does gift aid meet the full cost of attending
college. Most students rely on part-time employment and loans to
pay for school.
What's the difference in merit aid
and need-based aid?
Merit aid is based on merit, such as academics, athletics, music, etc. A lot
of scholarships are merit-based. Need-based aid depends on how much aid you
need and how much you and your family can afford to contribute toward your
education.
What is financial need?
Financial need is the difference between what it costs to attend a certain
school and what the family can reasonably be expected to contribute toward
the cost of attendance. View our page on Determining
Financial Need.
What is included in the cost of attendance?
University expenses include fixed costs such as tuition, fees, room & board
and personal expenses such as books and supplies, transportation, off-campus
room & board, and miscellaneous personal expenses.
The Department of Education requires that each university prepare 9 Month Cost of Living Budgets based on average costs of its students living at home with parents, on-campus housing, and off-campus. These Cost of Attendance budgets are adjusted depending on the number of semesters enrolled and the enrollment status (full time, 3/4 time, and half time).
Your actual fixed expenses for tuition, fees, room & board depend on what courses you take and what dorm you live in. Please refer to a current price list of charges to determine what your actual charges will be. Contact the SAGU Enrollment Services Office or the Accounts Receivable Office if you need help in projecting your costs.
How is the expected family contribution
(EFC) calculated?
Your EFC is calculated using a standard Congressional formula. The Free Application
for Federal Student Aid collects the information such as family size, number
in college, whether you are a dependent or independent or parents, and you
and your family's income and assets. This information is used to determine
what the family can reasonable be expected to contribute toward your education.
How do I know if I am dependent or
independent?
For the 2006-2007 school year, the United States Department of Education determines
that you are independent of your parents if:
• You were born before January 1, 1983, or you
• are an orphan;
• are a ward of the court or were until the age of 18;
• are a veteran of the U.S. Armed Forces;
• have legal dependents other than a spouse;
• will be enrolled in a graduate school in 2006-2007;
• are married; or
• an prove to the school unusual circumstances that
show independent status.
Will I get more financial aid if I am “independent” of my parents?
Not necessarily. Sometimes you’ll get less.
Is aid available if I already have
a bachelor's degree?
Federal grants are not available once you obtain your first bachelor's degree.
Loans and work-study are the main types of aid available to students with bachelor's
degrees. Additionally, some students may qualify for Institutional Scholarships
and some TX residents may qualify for state grants.
What aid is available to graduate
students?
Loans are the main source of aid for graduate students. Additionally, some
students may qualify for Institutional Scholarships and some TX residents may
qualify for state grants. There is also limited eligibility for Work-study.
Is there aid available for summer
school?
Yes, there is limited aid available for summer school but you need to plan
ahead. We normally offer you the annual loan limit for fall/spring. If you
need loans for summer you may want to borrow less for fall/spring. Remaining
Pell Grants are available in the summer only for students who were part-time
or who were enrolled for only part of the school year.
Is aid available to international
students?
Federal and state aid is available to citizens and Permanent Resident Aliens
but not for students on a Student Visa. International Students may compete
for scholarships.
Do I have to be seeking a degree to
get financial aid?
Yes, you must be seeking a degree at SAGU to receive Financial Aid. An exception
is Post Baccalaureate Teacher Certification.
Can I receive aid from two schools
at once?
You may be enrolled at two school simultaneously, but you can receive government
aid at only one school at a time. You must apply for aid at the school in which
you are actually seeking the degree.
Where can I get more information about financial aid?
Refer to the Resources section of our web site at www.sagu.edu/financialaid/links.shtm. There are a lot of
great web sites with excellent information.