How Your Award is Calculated
- Types of Aid
- Application Process
- Eligibility for Aid
- Cost of Attendance
- Alternative Loans
- Online Resources
Wondering how your financial aid award is determined? The financial aid office at your school uses a simple formula: COA-EFC = Financial need. What that means.
What is Cost of Attendance?
The cost of attending Marywood University includes both direct costs and indirect costs. Direct costs are those that you will be billed for such as tuition, fees, housing and meal plans. Indirect costs, such as rent at an off-campus apartment, books, or transportation to campus, are associated with going to college but will never appear on your bill from Marywood University. Our indirect costs are based on the typical expenses of a Marywood student. Your indirect costs may vary from these averages.
What is Expected Family Contribution?
When you complete the Free Application for Federal Student Aid (FAFSA), the information that you report (income, assets, number of family members, number in college, etc.) is applied to a formula established by the U.S. Congress. The formula calculates your family’s ability to pay for your educational expenses for the academic year, and produces a figure that is referred to as your Expected Family Contribution (EFC). You can find this figure on your Student Aid Report (SAR).
What is Financial Need?
Your financial need is the difference between your cost of attendance, as calculated by the institution, and your Expected Family Contribution, as calculated by the FAFSA.
Cost of Attendance – Expected Family Contribution = Financial Need
Will I Receive the Same Awards From Year to Year?
Remember: You Must Renew Your FAFSA Each School Year!
Applying for financial aid is an annual process. You must complete a FAFSA each year for which you are requesting financial aid. If you do not intend to complete a FAFSA and you have an undergraduate merit award, you should complete the Financial Aid Renewal form each year. Your Expected Family Contribution (EFC) and your costs will be reevaluated each year, and as a result your federal and state grants may change. In an effort to maintain fair and equitable standards, Marywood University strives to provide as many students as possible with the resources needed to meet their financial need. University merit awards are renewable each year, up to eight undergraduate semesters regardless of EFC, as long as the student maintains the required QPA. Institutional need-based funds are subject to change annually in accordance with EFC changes. Graduate scholarships and assistantships must be applied for annually.