How We Calculate Your Aid
Here's what happens after you submit your FAFSA:
- You'll receive a Student Aid Report (SAR) from the Federal Government. Review it for accuracy and make any necessary changes online.
- CityU will receive your financial aid application information electronically. If we need more information to determine your eligibility, we'll let you know.
- The Department of Education selects about a third of all applications for verification. This means our Financial Aid Office has to verify the information on your FAFSA. We'll ask you to send some additional documentation, including a copy of your tax return(s). Be sure to respond to all requests right away, so we can keep your application moving along.
- We'll review your application, then notify you by email of your electronic Award Package. At this point you'll need to decide how much of the financial aid offer you want to accept. Again, you should complete the electronic Award Package ASAP — we can't do anything until we receive your response.
- First-time borrowers at CityU sign a Master Promissory Note (MPN). You will need your PIN number, social security number, as well as two personal references (full name, address and telephone numbers).
How Your Financial Aid Eligibility Is Determined
Some federal financial aid programs require you to demonstrate that you have financial need, based on your income and other factors, and some
don't. Here's how your need for financial aid is calculated:
"Need" is the difference between the cost of attending school (COA) and your Expected Family Contribution (EFC). A formula is used to determine
how much aid you can receive based on your need, and you can borrow the difference up to the total cost of attendance.
Cost of Attendance
Each student has a budget based on the program in which you're enrolled and the amount of credits you're taking each quarter. Here's the breakdown:
- Tuition and normal registration fees (not including late fees)
- Books and supplies
- Room and board
- Personal expenses
- Loan fees
Expected Family Contribution
The EFC is calculated according to a formula established by law. It measures your family's financial strength based on the information you provide on the FAFSA.
We understand that each family's situation is unique. Even though the processor uses a standard formula to initially determine a family's expected
contributions, we may consider unusual individual circumstances when we evaluate your application. If you have unusual expenses, such as
extraordinary medical expenses, itemize them and send a detailed letter to our office along with receipts. We can also consider childcare expenses.
Questions? Contact us
After your need has been calculated, need-based financial aid may be awarded for up to the difference between the cost of
attendance and the expected family contribution. Funding for your award may include grants or loans. The composition of your financial
aid award will depend upon your need level, eligibility requirements of the various aid programs, the date you applied, and the availability of funds.