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Financial Aid Opportunities at Augustana |
Financial aid is any financial resource outside the family's own resources which helps offset the cost of a college education. Even though changes occur within financial aid programs, Augustana remains committed to its primary goal of assisting students and families in obtaining any and all funds for which they may be eligible. There are four basic types of aid which could be part of a financial aid package. |
| Types of Aid: |
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Grants are awards that do not have to be repaid. Most are available through federal funding and are awarded on the basis of demonstrated financial need. Scholarships are awarded by Augustana from institutional funds. These awards need not be repaid and are awarded on the basis of academic achievement and/or special talents. Private sector scholarships are available through civic and fraternal organizations. Loans are awarded at a pre-determined rate of interest to qualified students. These monies must be repaid under scheduled terms and in most cases the repayment period begins after a student completes his/her education. Through loans, the future return on a college investment need not be compromised by immediate financial concerns. Student Employment provides on-campus jobs in a variety of campus ares. A campus job allows students to earn money during the school year to assist with school year costs and may reduce the size of educational loans. |
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There are other financial resources students should check into to help offset the cost of a college education. These can be found in public, federal or private sectors. The Office of Financial Aid will work with you to identify these sources.
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| How is financial aid determined? |
| The position of all colleges is that the primary responsibility of financing a college education belongs to the student and his or her family, and that the various forms of aid listed above are intended to supplement this effort. Most financial aid is based on "need" that is demonstrated in a financial aid application. Through an analysis of the Free Application for Federal Student Aid (FAFSA) a fair estimate of what a family can provide for educational expenses is determined (family contribution), and what "need" is remaining. The FAFSA evaluates such factors as household size, number in college, family income, assets, liabilities, retirement needs and employment earnings. It is the "need" which determines the amount of federal aid you are eligible to receive. |
