How is my financial aid determined?
Your eligibility depends on your Expected Family Contribution, your year in school, your enrollment status and the cost of attendance. The Director of Financial Aid will review your FAFSA application, verify any necessary items or documents and then use the Expected Family Contribution (EFC) and subtract it from the Cost of Attendance (COA) with adjustments for any scholarship awards to determine how much need-based aid you can get.
Do I need to reapply for financial aid every year?
Yes. If your financial circumstances change, you may get more or less aid. After your first year you will receive a “Renewal Application” which contains preprinted information from the previous year’s FAFSA. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
Will financial aid cover my housing expenses?
The answer is yes, but you need to be careful how much you borrow and what types of student loans you borrow. Financial aid and student loans can cover the cost of books, housing, food and transportation. Students need to be extra careful not to borrow more financial aid than what is needed. Remember that most financial aid comes in the form of student loans that must be repaid.
What GPA minimum do I need to keep my financial aid?
To be considered in satisfactory progress, Freshmen students must achieve a minimum grade point average of 1.75 for their first semester, and a minimum cumulative grade point average of 2.0 for their second semester as well as complete a minimum of 80% of their attempted credits (i.e. completed credits/attempted credits) during each semester. Sophomore, Junior, and Senior students must maintain a minimum cumulative grade point average of a 2.0 as well as complete a minimum of 80% of their credits attempted during each semester. Courses where a student withdrew, failed, or was awarded no credit count as attempted but not completed. Credits transferred in will count as attempted and completed. Students in all levels must be working toward graduation requirements.
Am I considered dependent or independent?
Your dependency status determines whose information you must report on the Free Application for Federal Student Aid (FAFSA®).
- If you’re a dependent student, you will report your and your parents’ information.
- If you’re an independent student, you will report your own information (and, if you’re married, your spouse’s).
The federal student aid programs are based on the concept that it is primarily your and your family’s responsibility to pay for your education. And because a dependent student is assumed to have the support of parents, the parents’ information has to be assessed along with the student’s, in order to get a full picture of the family’s financial strength. If you’re a dependent student, it doesn’t mean your parents are required to pay anything toward your education; this is just a way of looking at everyone in a consistent manner.
Do you offer work study programs?
Studio School offers Federal Work Study to eligible students. For more information please click here.
If my parents are divorced, which parent must complete the FAFSA and provide tax information?
The custodial parent is responsible for providing the tax and household information for your financial aid application.