FAFSA code – 001540
Financial Aid awards are meant to close the gap between a family’s resources and the cost of attendance. To make a fair assessment of a family’s financial need, admitted students and their families are strongly encouraged to complete the Free Application for Federal Student Aid (FAFSA).
Using federal methodology as a guideline, and recognizing that education is only one of many things for which a family works and saves, the US Department of Education determines the Expected Family Contribution (EFC) – the amount that the family, including the student, could be reasonably expected to contribute toward the cost of education. To determine a family’s financial need, the EFC is subtracted from the cost of attendance.
There are many types of financial assistance available for students attending St. Andrews. Eligibility for need-based federal and state financial aid is determined by the Free Application For Federal Student Aid (FAFSA).
Filing the FAFSA
Each student and their family should file the 2019-20 Free Application for Federal Student Aid (FAFSA). We prefer for every admitted and returning student to file the FAFSA. In order for St. Andrews to receive your FAFSA, add school code (001540). To complete the FAFSA please go to http://www.fafsa.ed.gov/. Students are randomly selected by the Department of Education for a process called Verification. The Verification process verifies certain information that you have reported on the FAFSA. St.Andrews’ Financial Aid Office has partnered with The School Servicing Center (SSC) to provide our students with online Verification. SSC is a collaboration between College Foundation, Inc. (CFI), Financial Aid Services, Inc. (FAS), and North Carolina State Education Assistance Authority (NCSEAA).
Professional Judgement and Dependency issues
Both areas are reviewed and discussed with the Director of Financial Aid. The Director will talk with the student/family about documents needed, etc.
Expected Family Contribution
This is the amount a family is expected to contribute to a student’s education based on family earnings, net assets, savings, size of family, and number of students in college, all of which have been reported on the FAFSA. Your EFC is the estimated amount your family can afford, per year, to pay for college; however, it does not always mean you will pay that amount. The out of pocket expense depends on what the school charges to attend and the amount of financial aid awarded to offset those charges. Would you like to see an estimate of your EFC (Estimated Family Contribution) Estimating Your EFC? The difference between the cost of attendance and the EFC is your or financial need.