The Financial Aid Package

Typical financial aid awards are composed of scholarships, grants, loans and employment. Scholarships and grants constitute gifts and are not repaid. Educational loans are repayable over a period of years at low interest rates after students graduate, drop below half-time, or leave University. Students also may have part-time jobs on campus and receive paychecks every two weeks.

Students receiving financial aid are required to make satisfactory academic progress toward a degree to remain eligible for financial assistance. Lack of satisfactory academic progress may result in the loss of financial aid. Written explanations on financial aid policies are mailed with the award notification.

Here are a few guidelines to help you understand financial aid:

• Federal and state funds are awarded to U.S. citizens and permanent resident aliens; part-time day or evening enrollment (two courses per semester (6 credit hours)) is necessary for eligibility for these funds.
• Institutional Rockford University funds are awarded to full-time U.S. students and international students in the traditional undergraduate program. Full-time enrollment is equivalent to 12 credit hours.
• If you are enrolled less than full-time and are receiving no state or federal aid, you may be eligible for a part-time grant.

Financial Aid Formula

How is financial eligibility determined? The following formula is used:

Cost of Education – Expected Family Contribution = Financial Need

• Cost of Education. Includes tuition, fees, room and board charges. These costs are determined each academic year by the University’s Board of Trustees. In addition to these costs, students should plan to spend an additional $1,000 – $2,000 for books, transportation and personal expenses.
• Expected Family Contribution. The amount the family can contribute annually toward educational expenses based on a federal formula mandated by congressional law. Financial data provided on the Free Application for Federal Student Aid (FAFSA) is analyzed to produce the Expected Family Contribution (EFC), which determines eligibility for federal, state and institutional funds. The six major factors considered in calculating the EFC are student income, student assets, parental income, parental assets, number in family, and number of family members attending a college or university.
• Financial Need. The maximum amount of need-based financial assistance a student may receive. Eligibility is conveyed to the student by a financial aid award notice that lists the types and the sources of aid the student is offered.