How Student Aid Works, Your Financial Aid Application
Students are generally eligible to receive assistance through financial aid in the amount up to their financial need. So what is need? It is the difference between what it costs to go to college and what the student and family can afford to contribute towards those costs.
The basic financial aid formula:
COA(cost of attendance)- EFC (what the student & family can pay) = Financial Need
The Office of Student Financial Aid may award a student a combination of loans in order to meet the student’s need. At ACCHS our financial aid funds are provided by the federal government.
Applying for Financial Aid
In order to determine what the student and family can pay towards the student’s educational expenses, the student must apply for financial aid. A nationally established formula computes the family’s contribution (EFC) using information regarding the family’s income, assets, and number of family members in college. For a student who is considered to be dependent, the student and the parents complete the application. For students considered to be independent, the student and spouse (if married) complete the application.
The first step in applying for financial aid is to mail a completed Free Application for Federal Student Aid (FAFSA) to the Federal Student Aid Programs beginning January. The FAFSA is available in high schools and college financial aid offices beginning in December.
In order for ACCHS to receive an electronic copy of the FAFSA, the student must write “Academy of Chinese Culture” and the code number “G32883” on the college release section of the FAFSA. Students may apply online at http://www.fafsa.ed.gov.
About four weeks after the student mails the FAFSA (about one week if filed online), the student will receive a document called the Student Aid Report, and ACCHS will receive the electronic copy of the FAFSA.
ACCHS will notify the student to submit verification documents if necessary. Verification documents may include the IRS tax forms and documentation of household size.