Financial Aid Options

Awards

The financial Aid Office will prepare an award letter for each student once their FAFSA application is complete. The award will be based on financial need as determined by a standardized formula developed by the Department of Education with congressional approval. The expected family contribution (EFC) takes into consideration such factors as family income and number of family members attending college. The award is also based on availability of funds. The “package” may include grants, loans, scholarships, and college work/study possibilities. Students whose awards change as a result of the verification process will have their award letters revised with an explanation of the changes.

Disbursements

The Financial Aid Office notifies the Business Office of the amount(s) to be credited to each student’s account. Awards are disbursed in the following order: Pell Grant, state grant (Michigan Tuition/Michigan Competitive Scholarship), scholarships and loans.

Refunds and Repayment

Federal Pell Grant recipients may receive a refund of any Pell Grant funds in excess of the direct costs of tuition, fees, and other related expenses. Students may request in writing to the Business Office that Pell funds be held on account toward future expenses.

Federal Stafford loan recipients must authorize the school in writing to pay directly to the lender any part of a refund the school determines to be allocable to the loan.

If a financial aid recipient withdraws, portions of any refund may have to be paid back to the government program from which the student received aid.