Understanding Your Financial Aid Package

An award package is designed to help with the cost of your education.  Please review the financial aid package thoroughly.  Failure to respond to an award package offer within 30 days from the post mark date of the award letter may result in the aid package being cancelled and not reinstated. 

Understanding the Determination of Your Cost

The ‘Estimated Yearly Budget’ is an average cost that is calculated by the Financial Aid Office.

Your Estimated Yearly Budget consists of Direct Costs and Indirect Costs.

• Direct Costs are those expenses charged by the school such as:  Tuition and Fees, Room and Board (if living on campus) and Books (if charged to your student account at the school bookstore).
• Indirect costs refers to expenses you may incur while enrolled in school but not charged by the school such as:  Transportation and Personal allowances. 

The ‘Expected Family Contribution’ (EFC) is an amount determined by the federal government based on the information you provided in the Free Application for Federal Student Aid (FAFSA). It is used to determine eligibility for federal, state, and institutional financial aid and does not represent your actual payment to the university.

‘Other Resources’ include expected private scholarships, employer financial assistance, vocational rehabilitation, etc. that will be paid toward your educational expenses on your behalf.

Understanding Your Aid Package

• All awards are based on full time enrollment and may change if your enrollment changes.
• All students must be meeting the minimum standards of Financial Aid Satisfactory Academic Progress in order to receive and continue receiving Financial Aid.  Review the policy online at:  http://www.fairmontstate.edu/finaid/resources/satisfactory-academic-progress-policy. 
• Awards are subject to change as more information becomes available. If new information affects your eligibility we will make any necessary adjustments. You will be notified by email to check your awards on your FELiX account. This notice includes adjustments made to your awards, budget, and any change in enrollment.
• Financial aid award(s) shall be void under the following conditions:
  • If incorrect information is reported on the FAFSA.
  • If for any reason, you withdraw from the institution or are not permitted to return to the institution.
  • If verification results in corrections that affect aid eligibility. 
• Before accepting your awards, review information about grants, loans, work opportunities and scholarship eligibility at:  http://www.fairmontstate.edu/finaid/funding.

Understanding the Types of Aid

Your financial aid offer could include several types of aid.

• Grants-- based on expected family contribution (EFC) and do not have to be repaid.
• Scholarships--based on academic merit, expected family contribution (EFC) and do not have to be repaid.
• Outside Resources – monies not already listed in your award package that you are expecting to receive to pay from non-institutional organizations to assist with educational expenses
• Federal Work-Study – part-time employment opportunity for students while completing their degree program.
• Loans – money borrowed that must be repaid with interest.

You should periodically check for changes to your financial status at myFairmontState.edu. All future communications from the Financial Aid Office will be sent to your college email account.  Be sure to check your college email account frequently.