Your Personal Financial Aid Offer
It is important to understand how your financial aid is calculated and offered to your account. Your financial aid is based on your Free Application for Student Aid (FAFSA) results as well as your “cost of attendance”, a figure that is estimated based on your tuition & fees, housing, transportation, and other expenses.
Financial aid programs were created with the idea that the primary responsibility for paying college costs rests with the student and their family. Need-based financial aid is available to families who demonstrate a need for additional resources to help pay college costs.
The formula used to determine whether a student is eligible for need-based aid is:
Cost of Attendance (Budget)
– Student Aid Index (SAI
– Scholarships/Other Resources (Sponsored Tuition Payments, Book Vouchers, etc.)
= NEED FOR AID
Information on the budget and SAI can be found on the Offer screen on Student Information System (SIS) (see Finding the Information You Need on SIS for assistance). Components of the budget can also be seen on the How Much You Will Need to Pay or Borrow section.
Your financial aid offer is based on the following factors that determine financial need:
Cost of Attendance (Budget)
The budget on SIS represents a reasonable estimate of the cost of attending UM-Flint. Please note, the budget has different amounts for room and board depending whether you live on your own, are living with your parents, or living in student housing.
Student Aid Index (SAI)
The Student Aid Index is an eligibility index number that the financial office will use to determine how much Federal student aid you will be eligible to receive. This number is not a dollar amount of aid eligibility or what you and/or family is expected to pay to attend. The SAI is calculated using the financial information that you and your contributor(s) provided on your FAFSA.
SAI Formula for Dependent Students:
Parents’ Contribution from Income + Parents’ Contribution from Assets + Student’s Contribution from Income + Student’s Contribution from Assets
SAI Formula for Independent Students:
Student’s Contribution from Income + Student’s Contribution from Assets
Your SAI will be included on your FAFSA Financial Summary.
Scholarships/Other Resources
Students are encouraged to seek scholarships from private sources and UM-Flint, as well as to utilize other resources such as sponsored tuition payments and veterans’ benefits. Federal regulations and university policies require that these forms of assistance be counted as financial resources when determining eligibility for need based Title IV financial aid, however some federal veteran’s educational benefits are excluded. These scholarships and other resources will first be used to meet any gap between the budget, the SAI, and the financial aid offered. Next, they will reduce the amount of loan or work-study offered. Only if all loan and work-study have been replaced by scholarships or other resources will the amount of grant/scholarship aid be reduced.