Financial need is determined by subtracting the family's Expected Family Contribution (EFC) from the University's Cost of Attendance. Note: The EFC number is determined by filing the Free Application for Federal Student Aid (FAFSA) and is found on your Student Aid Report (SAR).
Here are two examples determining a student's award amounts based on the
2016-2017 Cost of Attendance:
Cost of Attendance
(Expected Family Contribution)
as determined by FAFSA
- 1, 207
- 12, 274
Need includes scholarships,
resources, fee waivers
- 2,500 (scholarship)
- 4,000 (scholarship)
Eligibility remaining for need-based aid including grants and loans
Amount of Pell Grant varies based on the EFC number. This student would qualify for $4565 in Pell, $3500 in the subsidized loan, and $2000 in the unsubsidized loan for the award year.
This student does not qualify for Pell Grant based on the EFC number. He would be offered a yearly amount of $3500 in the subsidized loan and $2000 in the unsubsidized loan.
The amount left over after subtracting the expected contribution from your cost of education is considered your "financial need."
Cost of Attendance is the estimated amount it will cost to attend The University of Louisiana at Monroe for one academic year. Your Cost of Attendance budget is based upon where you are living while attending school (i.e. on-campus in a dormitory, with parents, or off-campus not with your parents).
Your combined financial aid cannot exceed the Cost of Attendance for your degree program. If a student receives funds in excess of their Cost of Attendance, the Financial Aid Office will reduce funds based on federal guidance, and based on what will be of the greatest benefit to the student. Cost of Attendance 2016-2017
The Expected Family Contribution (EFC) is the amount that you (and your spouse, if married) and your parents are expected to contribute toward your education. The EFC is determined by filing the FAFSA and is the EFC number found on your Student Aid Report (SAR).
You may be receiving other forms of assistance for your educational costs, such as scholarships, Veteran's Benefits, Vocational Rehabilitation, etc. It is very important for you to notify the Financial Aid Office if you anticipate receiving these types of awards. Failure to do so may cause you to owe a refund of your received financial aid.
Most available financial assistance (including student loans) is disbursed at the beginning of each term. If you owe a balance to The University, your financial aid will be credited toward that balance (excluding any of your bookstore charges). You will receive a "refund" only if you have funds available in excess of your balance due.
You cannot expect to have a refund available on this first refund date if you were late in submitting all required documentation necessary to process and disburse your funds. This includes completing your Master Promissory Note and Entrance Counseling Session on-line at studentloans.gov. Any student not registered in at least 6 hours (undergraduate students) or 5 graduate level hours (graduate students) before Late Registration should not expect a loan refund on the first published refund date. Any loan funds guaranteed for you will be held at the guaranty agency until your half-time (or greater) enrollment status has been verified. See Add/Drop and Late Registration policies.
Financial aid awards are tentative awards and are not finalized until enrollment and residency are confirmed. Any changes in enrollment or residency status should be reported to the Financial Aid Office immediately so that any necessary adjustments may be made.