1. Eligibility-Federal Financial Aid - The U.S. Department of Education calculates your expected family contribution (EFC), which is an index number used to determine what financial aid the student is eligible for. The EFC calculation focuses primarily on household size, number in college, taxed and untaxed income, taxes paid, assets, etc.
2. AB Financial Aid Requirements and FAFSA - We are sometimes required to verify information you reported on the FAFSA . We ask you to provide us with your tax figures and we compare them with what you put on the FAFSA; hence what seems a duplication of figures you provide. If everything is correct, verification is completed and you are notified of the results. If corrections need to be made, we make them and then notify you.
3. Parental Information and FAFSA - You have to include parent information if you cannot answer yes to at least one of the following questions: Are you 24 years old or older? Will you be working on a degree beyond a bachelor's degree at the beginning of the academic year? As of the day you completed the FAFSA, are you married? (Answer yes if you are separated but not divorced) Are you an orphan, or are you or were you (until age 18) a ward/dependent of the court? Are you a veteran of the U.S. Armed Forces? Do you have children who receive more than half of their support from you? Do you have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now and throughout the academic year? Your independent/dependency status is not determined by whether or not your parents claim you on their federal tax return or whether they actually contribute to your cost of education.
4. Changed Circumstances and FAFSA - If you or your family has unusual circumstances (such as loss of employment or major medical expenses) that might effect your need for student financial aid, check with the financial aid office for a special circumstance form.
5. FAFSA Mandatory for Financial Aid - AB requires a student to complete the FAFSA form each year before any federal, state, or institutional financial aid is awarded.
6. Eligibility-Subsidized Stafford Loan - Subsidized Stafford Loans are based on need. Eligibility for a subsidized Stafford Loan is determined after verification is complete and the expected family contribution (EFC) determined according to the following formula:
|Cost of Education (for the loan period requested)||$8,475 (fall semester)|
|EFC||$4250 (4-month EFC)|
|Scholarships and Grants||$2,000|
|Any other financial aid||$2,225|
If your costs of education are being met, as in the example above, you are not eligible for a subsidized Stafford Loan. You would then have only unsubsidized Stafford Loan eligibility.