why?

Interveiw with Kristen Isaksen, Associate Director of Financial Aid at Monmouth University.


Q: What factors are eligibility for financial aid based on?
A: If the financial aid is considered “need based,” then it is based on financial information. This would include, but not be limited to, student and parent wages, money in the bank, and investments.

If the financial aid is considered “merit based,” then it is based on some type of academic achievement like grades or test scores.

Q:What is the difference between student loans and financial aid? Or is a student loan a type of financial aid?

A:A student loan is a type of financial aid. A loan is different from a grant or scholarship since it has to be repaid (usually with interest). Grants and scholarships do not have to be repaid.

Q:Does having more than one child in college increase the change of being eligible for financial aid?

A:Having more than one child in college can reduce the Expected Family Contribution (EFC) and possibly result in more aid for each student.

When a student completes the Free Application for Federal Student Aid (FAFSA), the information provided is put through a calculation created by Congress called the Federal Methodology. The result of the Federal Methodology is the EFC. The EFC is used to determine eligibility for certain types of aid as well as help determine how much financial need a student has.

Q:What is the average cost of privet colleges such as Monmouth University ?

A:According to the College Board (http://www.collegeboard.com/press/releases/189547.html), the average tuition and fees at private four-year nonprofit institutions for 2007-08 is $23,712. Average total charges (including room and board and tuition and fees), are $32,307 in 2007-08.

Q: I noticed that on the FAFSA, there is a question asking about the educational back round of the college applicants parents. What does that question determine?

A: This question is generally used for demographic purposes. It can help determine how many students are the first to attend college in their family. It doesn’t factor into the EFC formula.


Q:How long does it take to be approved?

A:If you file the FAFSA on the web, it only takes about 3-5 business days for the application to be processed and sent to the colleges the student listed on it. An actual financial aid package is created by individual colleges and universities-not the federal government. Each college and university has their own timeline for processing aid, so the best advice is for students to contact the institution for an estimate on processing time.