Awarding of Federal (Title IV) Funds
1. All Title IV funds are awarded based on the information received from the FAFSA. You must complete the FAFSA to be eligible. The FAFSA can be found at www.fafsa.gov.
2. The academic year, for financial aid purposes, is typically summer, fall, and then spring with the FAFSA form needed for enrollment starting in the summer being the newest version. For example, students planning to start in the summer of 2016 would complete the 2016-17 FAFSA. (There is some flexibility in this based on the needs and enrollment plans of a particular student and whether or not we are using borrower-based years for him/her.) If you have any questions about which FAFSA you should file, please contact Student Administrative Services for clarification.
3. Once the FAFSA is received and processed in our office the student's file will be pulled for awarding in groups based on the date all the information was received. Awards are made on a first-come, first-served basis.
4. Based on a student's enrollment and housing plans, and estimated Cost of Attendance (COA) will be assigned for packaging purposes. Click here for samples of COA for the 2016-2017 academic year. The COA includes the following items:
- Tuition and Fees
- Books and Supplies
- Personal expenses
- Transportation cost
- Room and Board
5. The Estimated Family Contribution (EFC) is subtracted from the COA to determine each student's demonstrated financial need.
COA – EFC = NEED
The sum of all need based awards will not exceed the need of the student.
The sum of all awards (need and non-need) will not exceed the COA.
The packaging methodology for undergraduate students:
1. PELL Grants will be automatically awarded based on the student's EFC and the PELL tables published by the US Education Department.
2. Ohio College Opportunity Grant (OCOG) eligibility is determined based on the student's EFC and state residency.
3. All institutionally awarded scholarships and merit-based grants are included.
4. The level of MSJ-funded need-based grant is determined for new students according to the latest packaging model. Returning students with the same enrollment plans (full-time, part-time), academic program, and housing plans (Residence Hall, Commuting, Off-Campus Apartment), will receive a renewal of the amount from the prior year. (Some of these awards will be transferred as expenditures to the Federal SEOG program at a later date once we are able to determine the neediest students who enroll from our need-based grant eligible population.)
5. Students with the greatest financial need as determined by having unmet need after allowing for Direct Loan eligibility, are typically awarded a $1000 Perkins Loan and $1500 Federal Work Study funds on a first-come, first-served basis as long as funds are available. (Extreme extenuating circumstances may alter these maximum amounts.).
6. Eligibility for Subsidized and/or Unsubsidized Direct Loans will be calculated and added to the package.
Graduate students are typically only eligible for Unsubsidized Direct Loans and GradPlus Loans. A COA is calculated based on the academic program and planned enrollment status (full or part-time) to establish the amount that can be borrowed. A FAFSA form is still necessary to gather the information required for students to participate in the federal loan programs.