NEED BASED ASSISTANCE

“Financial need” is the difference between the cost of attending college (COA) and the financial ability of the student and parents to contribute to educational costs.

Colleges use a standard system, called need-analysis based on the Free Application for Federal Student Aid (FAFSA) to determine a family’s ability to pay educational costs. The federal processor uses a formula called Federal Methodology to evaluate the information you provide on the FAFSA. The formula will consider your family’s income and assets to determine your Expected Family Contribution (EFC) toward educational costs.

COST OF ATTENDANCE - EXPECTED FAMILY CONTRIBUTION (Parent and Student - as determined by the FAFSA) = NEED (Eligibility)

While the Federal Methodology determines the ability of the student and family to pay, it does not award money. Once need is established, colleges provide monetary help to students as funds and eligibility permit. The main sources of monetary assistance are: scholarships, grants, work-study, and low-interest educational loans. Funds for the programs include federal, state, and institutional sources. Federal programs, also referred to as Title IV aid, include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work- Study, and the Federal Direct Loan Program. The Federal Pell Grant and Federal SEOG Grant are awarded to students with exceptional need. State sources include the NC Need Based Scholarship.

Institutional sources include academic, need-based, athletic grants, performance grants, campus employment programs, and loan programs.

Outside sources of assistance must be considered as a part of the financial aid package in accordance with current federal regulations and institutional award policies.

Please note: Each program listed carries its own eligibility criteria for award; therefore, Catawba cannot guarantee students will have access to all of the funding options listed above. Students will be reviewed and packaged based on their specific eligibility for the funds that are available and applicable. Catawba is generally not able to meet the full financial need for all students but seeks to provide a financial aid package that provides access to a Catawba education.