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Determining Need The primary responsibility of financing an undergraduate college education rests with students and their parents. For graduate students, the responsibility rests with students and, if applicable, their spouses. Eligibility for financial aid is based on the following formula:
The Total Cost, which is determined each year by the Director of Financial Aid, represents the estimated total cost of attending the university for one year. Total Cost includes direct charges - such as tuition, room, meal plan, and fees - as well as indirect costs like books and supplies, living expenses, and travel money. The Expected Family Contribution (EFC) is calculated using federal guidelines and is based on information submitted on the Free Application for Federal Student Aid (FAFSA) and additional documents submitted to Methodist University. For dependent students, the EFC has a parent and a student component. The Parents' and Student's contributions are based on income and assets, which include cash, checking, savings, money market accounts, investments and real estate holdings other than their primary residence; their untaxed income; and their business equity. Two important things to note: The total amount of financial aid students receive, including outside resources such as scholarships, cannot exceed their cost of attending the university. It is possible for students' EFC to be greater than their cost of attending the university. In this case, while they do not demonstrate eligibility for need-based financial aid, they are eligible for unsubsidized federal Stafford Loan, the Federal Parent PLUS Loan and alternative loans. Self-supporting Independent Undergraduate Students The federal financial aid program defines some applicants as self-supporting independent students. Students are considered independent for federal aid purposes when they meet one or more of the following criteria:
Undergraduate students cannot declare themselves independent of their parents due to family disagreement, living arrangements, parents' unwillingness to contribute to the costs of their education, or because the parent(s) no longer claim the student as a dependent on their tax return. Reevaluation of Expected Family Contribution The Office of Financial Aid wants to be responsive to unique family situations, within the limits of federal regulations and university policies. We will consider an Appeal for Reconsideration when:
Appeal for Reconsideration If you have circumstances you believe should be evaluated by our Director of Financial Aid, please review the application to determine if you are eligible to file an appeal using the appropriate Professional Judgment form: 2007-08
Professional Judgment Form for Independent Students |
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The Office of Financial Aid
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