How is eligibility for financial aid determined?
A student may qualify for financial aid either through merit or need. To qualify for a merit scholarship, a student must demonstrate superior academic achievement. Moravian offers a number of merit scholarships outlined in our admission information. A student must demonstrate financial need to be eligible for most other sources of financial aid. Need is determined through the information filled out on the Free Application for Federal Student Aid (FAFSA) form. This information is used in a federally approved formula to calculate the Expected Family Contribution (EFC). The EFC is then used to determine the student’s eligibility for federal and state student aid programs. At Moravian, federal, state and private grants and scholarships represent approximately 25 percent of all grants awarded to students. The remaining 75 percent are awarded as Moravian College grants and scholarships. To be considered, the family must complete the PROFILE application processed by the College Scholarship Se
Using a formula called Federal Methodology, your family’s financial information from the FAFSA is analyzed by the federal government. This process is called ‘needs analysis’ and considers such factors as parent and student income, assets, and the number of family members in college. The needs analysis process calculates your Expected Family Contribution (EFC). Your financial aid eligibility (need) is the difference between the cost of attending the University minus your EFC.
Most financial aid is awarded based on financial need. The Cost of Attendance minus the Expected Family Contribution equals financial need. The school you attend uses the EFC calculated during needs analysis and the school’s cost of attendance to determine your eligibility for need based financial aid. Some aid is merit based, meaning eligibility is based on performance or achievement, such as athletic scholarships, academic scholarships based on ACT scores or GPA. HOW MUCH FINANCIAL AID CAN I RECEIVE? The total financial aid a student receives can include funds from more than one source or financial aid program. Normally, though, the total financial aid received will not exceed the financial need, or in some cases, the cost of attendance. For the best chance of getting the aid you need, apply as early as possible for each financial aid program for which you might be eligible. For additional information about financial aid, call The Arkansas Department of Higher Education at 1-800-54-S
