Grants—Families with financial need are eligible for grants, whcih are typically given by the federal or state government, or by Transylvania, and do not need to be paid back. Here are some of the grants available.
Work-Study—This federal program provides eligible students with a part-time job on campus. We have nearly 300 work-study positions available.
Student Loans—You may be interested in taking out student loans, which are usually administered by the federal government, and will be paid back later. More about student loans.
The financial aid process
This is where it gets much easier. To be eligible for financial aid at Transylvania, all you have to do is these two things:
That's it! We'll use those forms to come up with your financial aid offer, which we'll send as soon as you're admitted to Transylvania.
Here's a video overview of how the process works:
What's with all these terms?
Yeah, it can get a little technical. Here's a list of words and definitions about the financial aid process. (There are a lot more here if you're curious.)
COA—Cost of Attendance. This is the budgeted amount of attendance for a college or university and includes tuition, fees, room and board, books and miscellaneous expenses. Generally this estimate is higher than the published cost to attend a school, and is used in conjunction with your expected family contribution (EFC) to determine the student's aid eligibility.
EFC—Expected Family Contribution. When the FAFSA has been processed, the federal government uses a formula to determine the amount you and your family are expected to contribute toward your education for an academic year.
FAFSA—Free Application for Federal Student Aid. This is the federal application required for all need-based grants, loans, and work-study, as well as non-need based unsubsidized Federal Stafford loans.
SAR—The Student Aid Report is a document that gives you some basic information about your eligibility for federal student aid and lists your answers to the questions on your FAFSA. If you provide a valid email address on your FAFSA, you'll receive an email with instructions on how to access an online copy of your SAR. Otherwise you'll receive either a SAR or a SAR Acknowledgement in the mail. Typically, you'll be able to access your SAR within two weeks of filing your FAFSA.
Subsidized Loan—This loan is awarded on the basis of financial need, and the federal government pays the interest while you're enrolled in school. You don't have to pay these back until after you complete your education.
Unsubsidized Loan—This loan is not need based, and the government does not subsidize the interest. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized. You don't need to repay these until after you graduate.
Verification—When you complete the FAFSA, sometimes it is randomly selected for a process called verification. In this process, the government asks you and your family to confirm the information that was put on the FAFSA. In order for your financial aid to be processed, additional worksheets may need to be completed and returned to our office. Your family will also need to use the "Link to IRS" option available through the FAFSA.