How Are My Awards Calculated
Different types of financial aid also have different maximum and minimum award amounts. If you qualify for need-based financial aid, the amount you can receive will depend on your financial need. Subsidized loans, work-study, and most grants are considered need based. Your financial need is equal to your cost of attendance minus your student aid index and any other financial assistance you receive.
Your cost of attendance includes not just tuition and fees, but allowances for other educational and living expenses, like books, supplies, food, housing, transportation, loan origination fees, some personal expenses, and if applicable, dependent care or healthcare. These costs are estimated based on what the average student spends while going to college and they are not a bill from ÃÛÌÒ´«Ã½ – your expenses may be slightly higher or lower, depending on your personal situation and lifestyle.
Student aid index and financial need
The information you provide in your FAFSA or TASFA is used to determine your student aid index, which is subtracted from your cost of attendance to calculate your financial need. The total need-based aid you receive cannot exceed your financial need. Other financial assistance you receive, like scholarships and departmental awards, reduce your financial need.
What if my income has changed?
The FAFSA and TASFA use your family’s income from two years prior, to calculate your ability to pay for school. If your income or family situation has changed significantly in the last two years, and you can provide documentation, submit an Income Adjustment Request to be considered on a case-by-case basis.
Situations that may be considered for an income adjustment include:
- Loss of income due to loss of employment or reduction in salary.
- Death of a parent or spouse.
- Divorce or separation after the FAFSA was filed.
- Extremely high medical or dental expenses paid out of pocket and not covered by medical or dental insurance during a single, recent year.
- Impacted by a natural disaster.
The following circumstances may not be considered:
- Loss of overtime or bonus income.
- Fluctuations in self-employment or business income.
- Bankruptcy, foreclosure, or collections cost associated with outstanding debts.
- Consumer debt such as credit cards, car payments, mortgage and other loans.
- Payments on back taxes owed to the IRS.
- Lottery or gambling winnings or losses.
Your income adjustment request must include documents that clearly show the change in income. During the review of your case, additional documents may be required.
What is my enrollment level? What if I’m not full-time?
We assume you will attend full-time until you tell us otherwise, and your financial aid awards are based on full-time enrollment. If you register in less than full-time enrollment, you may still qualify for financial aid, but some of your awards may need to be adjusted and you may not qualify for certain programs.
- The Paydirt Promise and the TEXAS Grant require enrollment in at least 9 credits.
- The Miner Success Grant requires enrollment in 12 credits.
- Most scholarships require enrollment in 15 credit hours.
- Student loans require at least half-time enrollment.
- Other financial aid awards are adjusted based on enrollment, like the Pell Grant.
Courses that are not part of your degree plan cannot be counted for financial aid purposes, as well as a third attempt on a previously passed course.
| Academic Level | Full-Time | Three Quarter Time | Half-Time | Less Than Half Time |
|---|---|---|---|---|
| Undergraduate | 12+ hrs | 9 - 11 hrs | 6 - 8 hrs | 1 - 5 hrs |
| Graduate | 9+ hrs | 7 - 8 hrs | 4.5 - 6 hrs | 1 - 4 hrs |
| Certification | 9+ hrs | 7 - 8 hrs | 4.5 - 6 hrs | 1 - 4 hrs |
Can I attend ÃÛÌÒ´«Ã½ and community college at the same time?
For students in certain programs, attending classes at ÃÛÌÒ´«Ã½ and community college at the same time may be a good strategy. To include your community college classes as part of your cost of attendance and enrollment level for financial aid, you must submit a Concurrent Enrollment Form before the semester starts. If approved, your financial aid for both schools will be received at ÃÛÌÒ´«Ã½, because you cannot receive financial aid from two different schools.
A new form must be submitted each semester that you attend both schools, and it will only be approved if you attend at least half-time at ÃÛÌÒ´«Ã½. The courses you take at the community college must be approved by your academic advisor at ÃÛÌÒ´«Ã½, and you must submit your transcript to the Office of Admissions immediately after grades are posted at the end of the semester.