The Financial Aid Process
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 2014-2015 Free Application for Federal Student Aid (FAFSA). We prefer for every admitted and returning student to file the FAFSA.
As you know, St. Andrews merged with Webber International University. We now have campuses in Florida and North Carolina. In order for St. Andrews to receive your FAFSA, add school code (001540) and choose "On Campus" if you will be residing on campus in Laurinburg, NC. To complete the FAFSA please go to http://www.fafsa.ed.gov/ .
FAFSA School Code: 001540
The on-line version of the FAFSA processes at a significantly faster rate than the mail version. St. Andrews’ prefers that you file your 2013 Federal tax return before filing the FAFSA to ensure that accurate information has been reported. If you have already filed your taxes you may be able to use the IRS Data Retrieval Tool to import some of your 2013 tax information. In order for St. Andrews to receive FAFSA results and determine your eligibility for financial assistance, you must enter our federal school code (001540) in the appropriate place on the FAFSA.
For assistance in completing the FAFSA click here: Completing the FAFSA
After the FAFSA has been submitted and it has been processed by the U.S. Department of Education the student will receive an email instructing them to review their Student Aid Report (SAR). The SAR is a report summarizing financial and other information reported for the student and/or parent on the FAFSA. The student’s financial aid need is indicated by the Expected Family Contribution (EFC), which is printed on the SAR.
As long as our school code has been added to the FAFSA, we will receive a copy electronically from the U.S. Department of Education.
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 financial aid eligibility or financial need.