Frequently Asked Questions
- What is financial aid?
- Where does financial aid come from?
- When should a student apply for financial aid?
- What information is needed to apply for financial aid?
- How does a student qualify for need-based financial aid?
- Who determines what financial aid a student will receive?
What is financial aid?
Financial aid is funding awarded to eligible students to assist with the cost of attending a college or university. ASU’s Financial Aid Office helps students make and finalize financial aid arrangements.
Financial aid is awarded in the form of grants, scholarships, loans and work-study. Grants and scholarships are generally considered gift aid and do not have to be repaid. Loans must be paid back, usually upon the completion of the degree. However, many loans have different repayment requirements, so please check with the Financial Aid Office concerning the various loan programs. College work-study programs allow students to work on and off campus to earn a portion of their financial aid through a monthly paycheck.
Where does financial aid come from?
Financial aid can come from a variety of sources, including federal and state governments, the university or outside sources, such as companies or civic groups.
When should a student apply for financial aid?
The application period for federal and state aid begins Jan. 1 of each year for the following award year (Sept. 1 through Aug. 31). As soon as possible after Jan. 1, the Free Application for Federal Student Aid (FAFSA) should be submitted electronically. Since the FAFSA is filed electronically, please be sure to record all personal identification numbers (PINs)
All other required forms should be completed and submitted directly to the ASU Financial Aid Office. Please see the financial aid checklist and deadlines pages for more information. The application period for institutional and outside agency scholarships will vary, depending on the program.
What information is needed to apply for financial aid?
To complete the FAFSA, the necessary documents include the student’s tax return from the previous year, as well as the parents’ tax return (if the student is a dependent for financial aid purposes) or the student’s spouse’s return (if applicable). Financial records, including asset information, will also be required. In addition, reference forms and documents related to academic history may be required for specific scholarship programs.
How does a student qualify for need-based financial aid?
Financial need is the difference between the cost of attending the university and the resources available to the student to help meet that cost. Thus, financial need is:
Cost of Attendance (COA)
Minus
Expected Family Contribution (EFC)
Minus
Other Available Resources
Equals
Financial Need
The EFC is determined by filing the FAFSA and combining the student’s contribution and the parents’ contribution (for dependent students). All applicants are required to inform the Financial Aid Office of any additional assistance to be received from outside sources during the application period.
Who determines what financial aid a student will receive?
Upon the student’s completion of the application, the Financial Aid Office will determine programs that the applicant is eligible for and then offer a financial aid package that may include grants, scholarships, loans and/or work-study.
