STEP ONE: FAFSA
Why fill out a FAFSA?
The (Free Application for Federal Student Aid), or
FAFSA, is the first step in
the financial aid process. Use it to apply for federal student financial aid,
such as the Pell Grant, student loans, and college work-study. Milligan
College, like most colleges, uses the results of the FAFSA to administer all
federal, state and need-based institutional programs.
Why all the questions?
Your FAFSA responses are entered into a formula (known as the Federal
Methodology), which is regulated by the Higher Education Act of 1965. The
result is your Expected Family Contribution, or EFC. The EFC is the figure that
the government estimates you and your family can contribute toward your college
educational expenses.
How do I find out what my EFC is?
Federal Student Aid will send you a report, called a Student Aid Report (SAR),
that includes your EFC.
TIP: If you file the FAFSA online, you will receive the SAR with your
EFC determination about twice as fast as you would if you submit a paper form.
The online FAFSA also has an error-checking function that will help you
complete the form as accurately as possible.
How much aid do I get?
Schools use your EFC to prepare a financial aid package (grants, loans, and/or
work-study) to help you meet your financial need. Financial need is the
difference between your EFC and Milligan’s cost of attendance (which can
include living expenses). The “cost” of a Milligan education is our full
comprehensive fee (the total of tuition, room, board, and required feeds). Your
“demonstrated financial need” is the difference between the Milligan cost and
your EFC.
TIP: If you or your family have special circumstances that impact your
financial situation, tell your Milligan SFS counselor. Some examples include
unusual medical expenses or a large change in income from last year to this
year.
TIP: Sometimes we may request additional documentation according to
federal, state, or institutional policies. If you are asked to submit tax
returns or other documents to the Student Financial Services Office, please do
so promptly.
TIP: Some families incorrectly assume that they do not qualify for
need-based assistance and skip this important step. The only way to make sure
that you are eligible to be considered for need-based assistance at Milligan is
to submit a FAFSA.
When should I file the FAFSA?
Submit the FAFSA by Feb 1 for priority consideration (forms are
available beginning Jan 1). File online at
www.fafsa.ed.gov. Be sure to include Milligan’s school code (003511). Don’t
forget your PIN numbers at this site — one
PIN for each student and a different PIN for parents. To request a paper copy
of the FAFSA, contact Milligan SFS at 800.447.4880 or email
SFS@milligan.edu.
TIP: Your FAFSA will allow you to be awarded for one academic year. You must file the FAFSA renewal in
subsequent years to continue to receive financial aid.
TIP: For a Tennessee Student Assistance award, students should complete the FAFSA by March 1
at the latest.
TIP: It is important to meet the priority deadlines and to respond quickly to requests from Student Financial Services for additional documentation. Some awards are issued on a first-come, first-served basis.
When do I get the aid?
Your financial aid will
be paid to you through your school. Typically, your school will first use
the aid to pay tuition, fees, and room and board (if provided by the
school). Any remaining aid is given to you for your other expenses.
Where can I
learn more?
Learn more about the process of applying for federal financial aid
and the types of federal financial aid programs. Read the
Student Guide. The Student Guide is a publication of the Department of Education provided to educate students and families regarding federal financial aid to pay for college.
| |
| |
| |
