Awarding of Funds
Funds are awarded to eligible recipients on a first-come first-serve basis. Certain programs, such as the Federal Supplemental Opportunity Grant, require the funding to go to students with the highest need. Need is determined by using the estimated costs for students by categories. The component used when estimating the cost include; (1) tuition and fees, (2) books (3) room and board, (4) transportation, (5) personal and (6) loan fees (if applicable). The expected family contribution (EFC) is generated through the financial information supplied on the student's Free Application for Federal Student Aid. "Need" is determined by the following formula. Cost of Attendance - EFC = Need. Certain programs such as the Federal Direct PLUS loan program may exceed the need, but may not exceed the total cost of attendance as established by the institution. Generally, students with a zero EFC will receive priority in the awarding process.
Students are considered for and awarded grant assistance and non-interest bearing loans prior to the awarding of the self-help aid. Consideration is given to students indicating their desire for work-study on the FAFSA during the awarding process. Federal Loans will be included in the award package, but must be accepted by the student in order to initiate the loan process. Additional steps, such as the completion of Entrance Loan Counseling and the Master Promissory Note, are also required for the federal loan programs. You may review your aid package through the use of your
TSU MyWeb account.
Though self-help aid such as federal loans is included in the award package, the student should carefully construct a financial plan that fits the student’s comfort level for accumulating debt. The student is free to accept, reduce or decline the aid based on personal preference or need. Additionally, students have 14 days after the disbursement of the federal loan to rescind and return the funds to the program. Funds that are recouped due to declination by students or attrition of previously awarded students are awarded based on need, the timing of the receipt of the application, and/or number of eligible applicants at the time of awarding.