financial aid online brochure_2013_14_FINAL_web version - page 5

ELIGIBILIT
a verification form and confirmation of tax records.
There are two ways to provide tax data — IRS Data
Retrieval via the FAFSA, or by submitting Tax Return
Transcripts ordered from the IRS. Instructions for
requesting IRS Tax Return Transcripts are provided on
verification forms and on the Office of Scholarships and
Financial Aid website.
The Office of Scholarships and Financial Aid will compare
these documents to the data submitted on your FAFSA.
Occasionally, the Office of Scholarships and Financial Aid
will need additional documentation from you and/or your
parents or spouse in order to resolve discrepancies. You
will receive an email request for any additional information
required. The Office of Scholarships and Financial Aid
also will enter missing documents electronically in MyFSU
so that you may track your aid process. Once you have
provided all of the documentation required to complete the
verification process, the Office of Scholarships and Financial
Aid will match the data with CPS and make any necessary
corrections. The FAFSA process is not considered complete
until you have submitted all requested documents to the
Office of Scholarships and Financial Aid.
How will the Office of Scholarships and Financial Aid
communicate with me?
The Office of Scholarships and Financial Aid communi-
cates with students using a variety of tools, but the most
consistent and effective tool is your MyFSU email account.
As soon as you are admitted, you will be assigned a
Ferris email address. In most cases, the Office of
Scholarships and Financial Aid will begin to communicate
with you long before classes begin. You are encouraged
to log into MyFSU as soon as you receive your acceptance
notification and to check your MyFSU email on a
regular basis (at least weekly) for important financial aid
information.
How is aid eligibility determined?
When the FAFSA is processed, the result is a calculation
known as the Expected Family Contribution. The EFC is
calculated from your family income, assets and the number
of people in your family household. The EFC is not an
indicator of how much out-of-pocket expense you will pay
but is the basis for determining your eligibility for need-
based aid.
Will I qualify for any aid that I don’t have to repay?
The Office of Scholarships and Financial Aid will use federal
formulas to determine your eligibility for need-based aid
such as grant monies and subsidized loans (subsidized loans
do not accrue interest while you are attending school at least
half-time). The formula for need- based aid subtracts EFC
from cost of attendance to determine need. In addition,
there are rules to determine grant eligibility to help cover
some or all of the need determined by this formula. Ferris’
Office of Scholarships and Financial Aid will comply with
all federal and state regulations and offer you the best
possible financial aid package for which you qualify.
How will I know what aid I qualify for?
Once you have completed the FAFSA process and are
admitted to a degree-granting program at Ferris, the
Office of Scholarships and Financial Aid will send you
a financial aid award notice. The first financial aid award
notice is sent to new Ferris students in paper form.
The award notice will include your cost of attendance,
EFC and need-based aid calculation, as well as an offer
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