Career Watch Arkansas 2014 Career Watch Arkansas 2014 | Page 21

calculations, certain allowances are applied to
protect the family’s income and assets for the
cost of living and future retirement needs. 
The needs analysis is performed by the U.S.
Department of Education based on the information
provided by the family on the Free Application
for Federal Student Aid (FAFSA). This is the basic
form required for most financial aid programs
based on financial need. Any student who wishes
to apply for financial assistance should complete
and submit this application. The FAFSA application
can be applied for online at www.fafsa.gov.
How is eligibility for financial aid determined?
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 or 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 el