In order to receive federal financial aid, an applicant must meet several eligibility requirements that are dtermined by the information submitted on the FAFSA. In order to meet eligibility at Platt College, an applicant must:
- qualify for financial need
- have a high school diploma or a GED certificate
- be working toward earning a degree in our BSN program
- be a U.S. citizen or eligible non-citizen
- have a valid social security number
- register with the selective service (if required)
- maintain satisfactory academic progress once enrolled at the College
After a FAFSA (electronic or paper) is submitted to the Central Processing System (CPS), a series of matches are conducted with other federal agencies to verify information (i.e., Social Security Number and citizenship status) then various edits are applied to the application information to determine an applicant’s Expected Family Contribution (EFC). A Student Aid Report (SAR) is sent to the applicant. An Institutional Student Information Record (ISIR) is sent to all of the colleges listed on the FAFSA, listing the EFC and comment codes in the FAA section about match results and information that impacts eligibility for federal student aid.
Once a college receives the student’s FAFSA information (including a valid EFC) and calculates aid eligibility, an award package for the student’s aid can be determined. Students who may be ineligible for federal aid should still complete the FAFSA, as they may be eligible for nonfederal aid from private institutions.
When an application is received by the CPS, a database match is conducted with several other federal agencies on the following items:
- Social Security number (SSN) of the student & parent, if applicable, with the Social Security Administration (SSA)
- Citizenship and immigration status with the SSA and the Department of Homeland Security (DHS)
- Selective Service Registration with the SSA
- Drug-Related and conviction information with the Department of Justice (DOJ)
- Veteran Status with the Veteran’s Administration (VA)
- Applicant’s parent was a member of the Armed Forces who died as a result of service in Iraq or Afghanistan after September 11, 2001, with the Department of Defense (DOD)
- Default or Overpayment, exceeded loan borrowing limits and financial aid history with the National Student Loan Database System (NSLDS)
Expected Family Contribution (EFC)
After the matches are conducted, the CPS calculates an EFC based on the FAFSA information. The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student's education for the year. The EFC is calculated according to a formula specified in the federal law.
The EFC is determined by the family's income, assets and size, and takes into consideration the family's living expenses and the number of family members enrolled in college. The EFC is not a lump sum amount due at the beginning of a school year but rather, a measure of the family's ability over time to absorb some of the educational costs.
The college will receive an ISIR that provides an EFC and comments that must be resolved before aid can be disbursed. In addition to the EFC, which is one component used to determine if an applicant qualifies for financial aid, there are school-determined initial and continuing eligibility requirements.
- Demonstrate financial need
- Be a U.S. citizen or an eligible noncitizen
- Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau)
- Be registered with Selective Service, if you're a male (you must register between the ages of 18-25)
- Be enrolled or accepted for enrollment as a regular students in an eligible degree or certificate program
- Be enrolled at least half-time to be eligible for Direct Loan Program funds
- Maintain satisfactory academic progress in college
- Sign statements on the FAFSA stating that (1) you are not in default on a federal student loan and do not owe money on a federal student grant and (2) you will use federal student aid only for education purposes
- Show you're qualified to obtain a college education by having a high school diploma or a recognized equivalent such as a GED or completing a high school education in a homeschool setting approved under state law.
When Platt College receives the student’s FAFSA information (including a valid EFC), student aid can be awarded, a process called ‘packaging’. The general rule in packaging is that the student’s total financial aid and other Estimated Financial Assistance (EFA) must not exceed the student’s financial need. The EFC is deducted from the cost of attendance (COA) in order to determine the student's financial need. Platt College determines the COA, which is an estimate of the expenses that are usually incurred by students. Typically, a COA will include tuition, fees, living expenses (room and board), books and supplies.
Platt College will send a financial aid award letter to each student who submitted a FAFSA to them. The award letter outlines the financial aid package offered. The student can accept or reject all or part of the offer.