Financial Aid 101 2013-2014 - Miami University
Financial Aid 101 2013-2014 - Miami University Financial Aid 101 2013-2014 - Miami University
Contents 1 Financial Aid Awards Cost of Attendance (COA) and Expected Family Contribution (EFC) Financial aid eligibility Awarding process 4 Scholarship Awards General scholarships Miami Access Initiative (MAI) 4 Grants Federal grants: Pell, TEACH, SEOG Ohio grant: OCOG 6 Loan Information Federal student loans: Direct Stafford and Perkins Additional loans: Federal PLUS, Federal Graduate PLUS, and private 9 Federal Work-Study and Student Employment 10 Paying the University Bill Tuition payment plan options Receiving excess financial aid 1 1 Student’s Rights and Responsibilities Access to financial aid records, FERPA Satisfactory Academic Progress (SAP) requirements Enrollment requirements Withdrawal from the University 13 Student To-Do list Important Dates and Helpful Websites Contact Us Address: Phone: Miami University Office 513-529-8734 Office of Student Financial Assistance Fax 513-529-8713 301 South Campus Avenue, Room 121 Oxford, Ohio 45056-3427 E-mail us for: General financial aid questions Student loan questions Scholarship questions Veterans Affairs questions Financialaid@MiamiOH.edu Studentloans@MiamiOH.edu Scholarships@MiamiOH.edu Veterans@MiamiOH.edu
Financial Aid AWARDS The award package describes financial aid offered for the 2014-2015 academic year. A student’s initial award is based on the assumption that the student enrolls full-time for the fall and spring semesters. Students must notify the Office of Student Financial Assistance if this is not true, or if enrollment changes. See the terms and conditions on MyMiami (MiamiOH.edu/MyMiami) for information on finalizing award(s). The following information helps students understand their financial aid and other funding options. Please feel free to contact our office (513-529-8734) with any additional questions. Cost of Attendance (COA) and Expected Family Contribution (EFC) Miami University determines a student’s estimated Cost of Attendance (COA) based on the student’s campus, housing arrangements, and enrollment status. COA includes instructional and general fees, room and board, fees for technology, Metro bus fee, facilities, and miscellaneous living expenses. Miscellaneous living expenses include, but are not limited to, books and supplies, transportation, personal expenses, hygiene, recreation and entertainment. The Expected Family Contribution (EFC) measures a family’s ability to contribute to a student’s educational costs. The student provides information on the Free Application for Federal Student Aid (FAFSA) about the family’s income, assets, household size, and number of dependents in college. The U.S. Department of Education’s Central Processing System uses this information and a congressionally mandated formula, called Federal Methodology, to calculate the EFC. Students must list Miami University on the FAFSA so that Miami University receives the Student Aid Report from the federal processor. Financial aid eligibility The eligibility for need-based aid was calculated by this formula: The Cost of Attendance (COA) minus the Expected Family Contribution (EFC) equals Financial Need. COA – EFC = Financial Need Students cannot receive a total financial aid award package that exceeds their COA. 1
- Page 1: Financial Aid 101 A Guide To Your 2
- Page 5 and 6: Changes to financial aid awards Stu
- Page 7 and 8: Federal Teacher Education Assistanc
- Page 9 and 10: Additional loans (PLUS and private)
- Page 11 and 12: FEDERAL WORK-STUDY (FWS) Student Em
- Page 13 and 14: STUDENT’S Rights & Responsibiliti
- Page 15 and 16: Student to-do list (TO FINALIZE FIN
<strong>Financial</strong> <strong>Aid</strong> AWARDS<br />
The award package describes financial aid offered for the<br />
<strong>2014</strong>-2015 academic year. A student’s initial award is based<br />
on the assumption that the student enrolls full-time for<br />
the fall and spring semesters. Students must notify the<br />
Office of Student <strong>Financial</strong> Assistance if this is not true,<br />
or if enrollment changes. See the terms and conditions<br />
on My<strong>Miami</strong> (<strong>Miami</strong>OH.edu/My<strong>Miami</strong>) for information on<br />
finalizing award(s).<br />
The following information helps students understand their<br />
financial aid and other funding options. Please feel free<br />
to contact our office (513-529-8734) with any additional<br />
questions.<br />
Cost of Attendance (COA) and<br />
Expected Family Contribution (EFC)<br />
<strong>Miami</strong> <strong>University</strong> determines a student’s estimated Cost<br />
of Attendance (COA) based on the student’s campus,<br />
housing arrangements, and enrollment status. COA includes<br />
instructional and general fees, room and board, fees for<br />
technology, Metro bus fee, facilities, and miscellaneous living<br />
expenses. Miscellaneous living expenses include, but are<br />
not limited to, books and supplies, transportation, personal<br />
expenses, hygiene, recreation and entertainment.<br />
The Expected Family Contribution (EFC) measures a<br />
family’s ability to contribute to a student’s educational costs.<br />
The student provides information on the Free Application<br />
for Federal Student <strong>Aid</strong> (FAFSA) about the family’s income,<br />
assets, household size, and number of dependents in college.<br />
The U.S. Department of Education’s Central Processing<br />
System uses this information and a congressionally<br />
mandated formula, called Federal Methodology, to calculate<br />
the EFC. Students must list <strong>Miami</strong> <strong>University</strong> on the FAFSA<br />
so that <strong>Miami</strong> <strong>University</strong> receives the Student <strong>Aid</strong> Report<br />
from the federal processor.<br />
<strong>Financial</strong> aid eligibility<br />
The eligibility for need-based aid was calculated by this<br />
formula: The Cost of Attendance (COA) minus the Expected<br />
Family Contribution (EFC) equals <strong>Financial</strong> Need.<br />
COA – EFC = <strong>Financial</strong> Need<br />
Students cannot receive a total financial aid award package<br />
that exceeds their COA.<br />
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